Recently, the International Monetary Fund (IMF) announced an increase in China's economic growth forecast for this year to 5.0%, which is 0.4 percentage points higher than the forecast in the April World Economic Outlook. The IMF pointed out that the reason for the upward adjustment is due to strong growth in China's gross domestic product (GDP) in the first quarter and recent policy measures taken. According to data released by the National Bureau of Statistics of China, preliminary calculations show that the GDP in the first quarter was 29629.9 billion yuan, a year-on-year increase of 5.3% at constant prices and a month on month increase of 1.6% compared to the fourth quarter of last year. Various regions and departments have increased their efforts in implementing macro policies, with policies moving forward and implementation being emphasized, to promote the sustained recovery of the national economy and a good start in the first quarter. In addition, the main economic indicators in April also showed that the overall economic operation was stable, continuing the upward trend of recovery. As the core institution of the international monetary and financial system, the IMF is the main platform for countries to coordinate macroeconomic policies. It is very cautious in predicting the development of an economy and has considerable objectivity and authority. Zhou Mi, a researcher at the Research Institute of the Ministry of Commerce, believes that since 2024, the Chinese economy has continued to rebound and improve under the test of complex external environments, demonstrating strong resilience and enhancing the confidence of international organizations in the Chinese economy. This is also an important reason for the IMF to increase China's economic growth rate. "China has numerous economic advantages and great development potential. New drivers of economic growth are constantly growing and a series of macroeconomic policy effects are constantly emerging. It is believed that the annual growth target of around 5% will be achieved." Thoroughly speaking. With the implementation and effectiveness of various macroeconomic regulation policies in the early stage, short-term cyclical, medium-term structural, and long-term trend positive factors have jointly played a role. Recently, the European Commission and multiple international financial institutions have raised their expectations for China's economic growth this year, demonstrating the international community's confidence in China's economic development. IMF First Vice President Gita Gopinat stated that China's economic development over the past few decades has been remarkable, thanks to market-oriented reforms, trade openness, and integration with global supply chains. Currently, China is focusing on achieving high-quality economic growth, with measures including supporting innovation (especially in green and high-tech fields), enhancing financial sector regulation, and implementing policies to mitigate risks in the real estate industry and local governments. More comprehensive and balanced policy measures will help China cope with the unfavorable factors facing the economy Gita Gopinat pointed out. (Lai Xin She)
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