(Yicai Global) July 24 -- On July 24, the International Monetary Fund (IMF) announced its revised report on the global economic outlook, raising its forecasts of China's economic growth rate by 0.1 percentage points to 6.7 percent this year and 0.2 percent points to 6.4 percent for next year.

This is the third time the organization has raised China's economic growth forecast for this year.

IMF has maintained its global economic growth forecasts for this year and next year, unchanged at 3.5 percent and 3.6 percent, respectively, and lowered its expectations of the US growth rate this year and next by 0.2 and 0.4 percentage points to 2.1 percent, respectively.

China's growth forecast has also been raised, reflecting the robust growth in the first quarter amid expectations of continued financial support, the IMF said. However, it stressed that in China, the greater the supportive policy (especially the rapid growth of credit), the bigger downturn risks medium-term growth will face.

"The recovery from the global crisis is still slow, while China is still experiencing the economic cycle driven by the credit cycle, with export recovery, external demand growth and developing infrastructure investment growth still fierce and real estate sales growth and investment momentum remaining good (restrictive policies lag). It is expected that the pressure on China's economic downturn may emerge again when the deleveraging policy, which first operated in the open market and the bond market, operates for bank lending rates," Yao Wei, China Chief Economist at Societe Generale, told Yicai Global.