IMF outlook for China economy remains robust
Print Edition
CHINA’S economy continues to perform strongly, the International Monetary Fund said on Friday, with growth expected at 6.6 percent this year, a slightly slower rate than last year’s 6.9 percent.
The growth estimate was unchanged from the IMF’s last forecast in May. The IMF raised its estimate for China’s growth in 2018 in January after the economy unexpectedly accelerated last year.
While the IMF praised China’s progress on reducing financial sector risks and in further opening its economy, it said credit growth was still unsustainably high as some aspects of the country’s rebalancing had slowed.
Beijing has over the last two years sought to rein in rapid credit growth, which analysts say will result in slower growth in the near term but is needed to avoid a sharp slowdown and the risk of a financial crisis longer term. The IMF said China needs to stick to its deleveraging agenda while implementing much-needed fiscal reforms and economic rebalancing.
“China’s near-term outlook remains robust due to strong domestic momentum, recovering global trade, and significant reform progress.”
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