IMF Ups China's GDP Growth Forecast From 6.6% to 6.7%
Yicai Global
/SOURCE : Yicai
IMF Ups China's GDP Growth Forecast From 6.6% to 6.7%

(Yicai Global) June 15 -- The International Monetary Fund (IMF) has nudged up its forecast for growth of China's gross domestic product this year from 6.6 percent to 6.7 percent, and projected average GDP growth from 2018 through 2020 to be 6.4 percent per year.

"Policy support, especially expansionary credit and public investment, has helped China maintain strong growth … China has the potential to safely sustain strong growth over the medium term," David Lipton, the IMF's first deputy managing director, said at a press conference in Beijing yesterday.

China must drive "deep reforms to transition from the current growth model that relies on credit-fed investment and debt," he advised.

The value of the Chinese yuan is broadly assessed in line with economic fundamentals, the IMF said in the update report, and further capital account liberalization should be carefully sequenced with necessary supporting reforms, including an effective monetary policy framework, a sound financial system and exchange rate flexibility.

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Keywords: GDP , IMF , Monetary Policy , RMB , Foreign Exchange