Global financial institutions have recently raised their economic growth forecasts for China, citing stronger domestic demand and potential policy support.
Hong Kong and Shanghai Banking Corp Ltd (HSBC) has raised its forecast for China's GDP growth in 2025 to 4.9 percent from the previously projected 4.5 percent.
The bank also revised its 2026 growth estimate to 4.6 percent, up from 4.1 percent.
HSBC's economics team pointed to firmer domestic demand and the likelihood of additional policy support as reasons for the revision.
In late July, the IMF also raised its 2025 growth forecast for China by 0.8 percentage points to 4.8 percent, the largest upward revision among major economies in the IMF's July World Economic Outlook report.
The report cited China's stronger-than-expected economic performance in the first half of the year and the substantial reduction in China-U.S. tariffs as key factors contributing to the improved outlook.
Global financial institutions raise China growth forecasts on stronger domestic demand
The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.
In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.
The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.
She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.
The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."
"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.
UNGA President warns global multilateral system "under attack"
UNGA President warns global multilateral system "under attack"
