The International Monetary Fund now expects China’s economy to grow 5% this year, raising its forecast from 4.6% a few weeks ago to reflect a strong expansion at the start of 2024 and additional support from the government.
“We certainly are seeing that consumption is recovering but it has some ways to go,” the Fund’s First Deputy Managing Director Gita Gopinath said in an interview with Bloomberg's Haslinda Amin. “The strength we’re seeing in public investment remains. Private investment is still weak, mainly because of the weakness in the property sector.”