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IMF sees China growing 7.75% in 2013
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China’s recent economic data reinforce the International Monetary Fund’s forecast that the world’s second-largest economy will avoid a second-half slowdown and grow 7.75 percent this year, a fund official said yesterday.
Markus Rodlauer, deputy director of the IMF’s Asia Pacific Department and chief for China, said the IMF expected China’s economy to sustain its pace of growth despite a difficult international environment.
“This is borne out by a number of high frequency indicators out of China. These indicators suggest that activity has indeed been stabilizing into the third quarter, into the second half,” Rodlauer said in Tokyo.
He noted double-digit retail sales growth and figures for industrial added value and fixed asset investment as some examples of such indicators.
In July, the IMF called for more reforms to sustain China’s impressive economic performance and kept its 2013 growth forecast at 7.75 percent, above Beijing’s 7.5 percent target, although at the time it noted downside risks to the forecast.
Since then, however, economic indicators has suggested China is regaining traction after more than two years of cooling growth and prompted several investment banks to upgrade their outlooks.
At the same time, last month’s jump in credit raised concerns the authorities were easing their efforts to prevent a buildup of imbalances in the economy in order to prop up near-term growth.
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