The International Monetary Fund has upgraded its forecast for China's economy, while warning that reforms are needed to sustain growth.
Women select clothing at a fashion clothing booth as shoppers tour at a shopping mall in Beijing, Sunday, May 26, 2024. The International Monetary Fund has upgraded its forecast for Chinas economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth.
The IMF also said Beijing should scale back subsidies and other “distortive” policies that support manufacturing at the expense of other industries such as services.at “around 5%,” and the economy grew at a faster-than-expected 5.3% in the first quarter of the year, boosting the global economy. The report echoes opinions of many economists who say more must be done to provide a social safety net and increase incomes for workers so that Chinese families can afford to save less and spend more.
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