IMF could lift its GDP forecast for China again in 2017
China’s economy grew faster than expected in the first three months of 2017, after record credit growth, a massive property boom and higher infrastructure spend
Washington — China’s economy may grow faster than the International Monetary Fund (IMF) had expected for all of 2017 after a first-quarter performance that beat forecasts, the fund said, as it urged Beijing to address entrenched financial risks in the country. Data in April showed that China’s economy grew at a faster-than-expected rate of 6.9% in the first three months of 2017, after record credit growth, a gravity-defying property boom and higher government infrastructure spending juiced activity. The data prompted the IMF this week to raise its 2017 and 2018 growth forecasts for the Chinese economy, and Changyong Rhee, director of the Asia and Pacific Department at the fund, said on Friday that there was a chance it may lift its 2017 estimate again. The IMF, which was holding a meeting from Friday to Sunday for central bankers and finance ministers, lifted its 2017 growth projection for the Chinese economy, the world’s second largest, to 6.6% from 6.5% on Tuesday. "There is upsid...
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