A view of the headquarters of the International Monetary Fund in Washington, D.C., U.S., April 15, 2020. /CFP
China's economy has demonstrated notable resilience, with its GDP projected to grow by 5 percent in 2024 and 4.5 percent in 2025, according to the final report for China's 2024 Article IV Consultation released by the International Monetary Fund (IMF) on Friday.
China's 2024 GDP growth is projected to be broadly in line with the country's target, and inflation is expected to pick up gradually as the output gap closes and the impact of lower commodity prices wanes, the report said.
Customers select residential housing units at a real estate sales office in Yunfu City, Guangdong Province, July 6, 2024. /CFP
The IMF highlighted Chinese government's efforts to facilitate property sector adjustments and boost homebuyers' confidence. Monetary policy measures implemented by the People's Bank of China, the country's central bank, was also acknowledged.
A view of Beijing's Central Business District, China. /CFP
The IMF also emphasized China's key role in addressing global challenges and strengthening the multilateral trading system. China's efforts in decarbonization and sustainable development were also recognized as vital contributions to global stability and prosperity.