Spotlight: IMF raises China 2017 growth forecast due to its progress in economic reform
October 12,2017 By:Xinhua
October 12, 2017 -- Maurice Obstfeld, chief economist at the International Monetary Fund (IMF), attends a press briefing at the IMF headquarters in Washington D.C., the United States, on Oct. 10, 2017. The IMF on Tuesday raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the United States. (Xinhua/Yin Bogu)
October 12,2017 -- The International Monetary Fund (IMF)'s move to raise its forecast for China's economic growth to 6.8 percent reflects the country's recent progress in trimming financial risks and deepening economic reform, U.S. experts have said.
IMPRESSIVE GROWTH RATE
In its latest World Economic Outlook released Tuesday, the IMF expected the Chinese economy to grow 6.8 percent this year and 6.5 percent next year, both 0.1 percentage point higher than its previous forecast in July.
"The growth rate is wonderful compared to the growth of many other countries," Farok Contractor, a distinguished professor at Rutgers Business School, told Xinhua on Tuesday.
"Off course it has come down from the previous eight or ten percent, but that is still a very healthy growth rate and that should be the envy of any other country in the world," he said.
According to IMF, the upward revision to the 2017 forecast reflects "the stronger-than-expected outturn in the first half of the year underpinned by previous policy easing and supply-side reforms."
"There have been a lot of achievements in economic management in China...I would say that the 6 percent path the China is on will be sustained for quite some time now," Contractor noted.