Major international financial institutions' recent upward revisions to China's 2025 economic growth forecast reflect the solid momentum and strong fundamentals of the Chinese economy, a leading expert has said.
The International Monetary Fund, the World Bank and several other institutions have raised their projected growth figures for China for next year, citing recovering global demand, China's resilient domestic consumption and steady advancement in industrial upgrading.
In an interview with the China Global Television Network (CGTN) on Thursday, John Gong, Professor of Economics at the University of International Business and Economics, said the revisions are in line with China's actual economic performance throughout the year.
"Well, I think they should have done this some time ago already. This is very close to the end of the year. They have already known the economic performance is up until October. So, there's only a month or two months left, and clearly we are on target to reach out, 5 percent growth target this year. So I think if they look at the recent numbers in November, for example, look at the export sector, [which is] so strong, amidst the tariff barriers in an enemy from Washington. All indicators are showing that China is on target to reach its goal. So I think the World Bank and IMF are playing a catch up game and not so much about the forecasting boldly into the future. They're basically they are following up for what has already been achieved so far in China's economy," said Gong.
Int'l institutions' upward forecast revisions in line with China's actual economic performance: economist
