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A view of the famous shopping street, Nanjing Road, Shanghai, China, October 14, 2023. /CFP
Global financial institutions, including JP Morgan, Citigroup and UBS, raised their 2023 growth forecasts for China last week after the country's economy expanded at a faster-than-expected pace in the third quarter of 2023.
China's GDP rose 4.9 percent in July-September from a year earlier as the country's recovery gathers pace, official data showed.
Following the data release, Citigroup rose its China's growth forecast for the second time in a month to 5.3 percent in 2023.
JP Morgan forecasts China's economy to expand 5.2 percent this year, up from the previous 5 percent estimate, while Morgan Stanley lifted its growth forecast to 5.1 percent from 4.8 percent to 4.9 percent previously.
"Like August, September monthly activity came in stronger than expected. This is encouraging," JP Morgan economists, led by Haibin Zhu, said.
Swiss banking giant UBS has raised its estimate to 5.2 percent, 0.4 of a percentage point higher than previous estimates.
Japan-based financial services group Nomura raised its China GDP growth forecast to 5.1 percent on positive signs, and lifted fourth-quarter growth expectations to 4.7 percent.
China has introduced a raft of targeted measures to expand demand and boost market confidence in the third quarter, including cutting the reserve requirement ratio and relaxing property market curbs.
The supportive policies seem to pay off as consumption rose in September and home prices ticked up in China’s biggest cities for the month.
(With input from agencies)
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466