IMF Upgrades China's Growth Forecast But Cautions on Real Estate Woes and Slowing Productivity
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IMF raises China's 2023 and 2024 GDP growth forecasts to 5.4% and 4.6% respectively, citing stronger than expected consumption in Q3 2022.
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IMF advises China to hasten restructuring of property sector, as real estate investment fell 9.1% in first 3 quarters of 2022.
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IMF projects China's medium-term growth to slow to around 3.5% due to weak productivity growth.
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IMF recommends China quicken exit of unviable property developers and provide funding to complete unfinished housing projects.
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IMF says reforms needed in fiscal policy, social safety net, and market structure to boost consumption and address slowing growth.