China's GDP forecast raised by IMF despite property sector concerns
TL;DR Summary
The International Monetary Fund (IMF) has raised its GDP growth forecasts for China in 2023 and 2024 due to stronger than expected consumption in the third quarter. However, the IMF has called for accelerated action to address the woes in the property sector, which remains a drag on the economy. The IMF expects China's growth to slow next year and advises hastening the exit of unviable property developers. It also suggests fiscal framework reforms, strengthening the social safety net, and pro-market structural reforms to boost growth and address challenges in the medium term.
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