Economic experts from the International Monetary Fund (IMF) have expressed optimism about China’s economic growth prospects in 2023, saying China will continue to be one of the fastest growing major countries this year.
The IMF has updated its “Prospects for the World Economy” and predicts that the Chinese economy will grow by 5.2% in 2023, 0.8 percentage points more than in its October forecast of Last year. He also expects China’s economic growth to reach 4.5 percent next year.
China will continue to be one of the fastest growing major countries this year, and its contribution to global economic growth will amount to 30 percent, said Steven Barnett, IMF Senior Resident Representative in China. in a speech given at a seminar on the world economic situation.
The seminar was co-organized by the IMF office in China and the Institute of Global Economics and Politics of the Chinese Academy of Social Sciences (CASS).
In contrast, the IMF reassessed its global growth outlook for 2023 to 2.9%, a rate lower than the 3.4% growth rate recorded in 2022.
In this context, the outstanding performance of the Chinese economy will help improve the prospects for global economic growth, according to the IMF official.
“With the optimization and adjustment of China’s policies against COVID-19, indicators such as transportation, total retail sales of consumer goods as well as the manufacturing Purchasing Managers’ Index (PMI) are on the rise. improvement, signaling that market optimism is strengthening,” said Li Xin, IMF Deputy Resident Representative in China. These factors prompted the IMF to raise its forecast for China’s economic growth in 2023.
China’s manufacturing PMI came in at 50.1 in January, down from 47 last December, according to data from the National Bureau of Statistics (NBS).
Huang Yiping, vice-dean of the National School of Development at Peking University, said China’s future development will rely more on an innovation-driven growth model.
It is crucial for China’s economic development to encourage and guide private enterprises, foreign-funded enterprises and other market players to actively participate in innovation, Huang said at the seminar. .
The data showed that from 2020 to 2022, China’s economy posted an average annual growth of 4.5 percent, exceeding the global average (recorded at 1.8 percent) and higher than other major economies.