Cast a "vote of confidence"! The four major international organizations raised their growth forecasts for China

Chinanews.com, June 6 (Reporter Li Jinlei) While executives of multinational enterprises are once again setting off a fever to visit China, international institutions have set off another upsurge: raising China's economic growth forecasts.

Following the United Nations and the International Monetary Fund (IMF), the World Bank and the Organization for Economic and Co-operation and Development (OECD) have also raised their growth forecasts for China. China's economy is winning more "votes of confidence".

Infographic. During the "May Day" holiday, Chinese tourism is hot. Photo by Lu Bo

The four major international organizations raised their economic forecasts for China

On June 6, local time, the Organisation for Economic Co-operation and Development (OECD) released its latest economic outlook report, raising China's economic growth forecast again, raising China's economic growth rate to 7.5% and 4.5% this year and next, respectively. The OECD believes that China's economic recovery has boosted global economic activity.

The World Bank's latest Global Economic Prospects, released on June 6, also raised China's economic growth forecast, raising its growth forecast for 6 by 2023.1 percentage points.

In early 2023, China's economic growth recovered strongly as pent-up demand during the pandemic unleashed consumption and boosted consumption, according to the World Bank. The reopening of the economy and the excessive savings accumulated will support growth in household spending, especially on services, which is expected to rebound to 2023.5% in 6.

Previously, the United Nations and the International Monetary Fund (IMF) have raised their economic growth forecasts for China.

The mid-year report of the World Economic Situation and Prospects 2023 released by the United Nations raised the growth forecast of China's economy to 4.8% from 5.3% previously, an increase of 0.5 percentage points.

In its latest Asia-Pacific Economic Outlook, the IMF predicts that China's economy is expected to grow by 5.2% this year, continuing to be the engine of economic growth in the Asia-Pacific region and the world. The growth of domestic demand, especially consumer demand, has become the main driver of China's economic growth this year.

The United Nations, the International Monetary Fund, the World Bank, and the Organization for Economic and Co-operation and Development have all raised their growth forecasts, expressing optimism about China's economic growth prospects. All four international organizations are forecasting China's economic growth above the target of about 5 percent set in China's government work report.

Some international institutions' forecasts are more optimistic, JPMorgan China Chief Economist Zhu Haibin recently said at the 2023 JPMorgan Global China Summit media meeting that JPMorgan Chase expects China's economic growth rate to be about 2023.5% in 9, and is optimistic about economic growth this year.

Chinese Foreign Ministry spokesman Wang Wenbin said at a regular press conference on June 6 that recently, many international organizations and institutions, including the United Nations, the World Bank, and the International Monetary Fund, have raised their economic growth forecasts for this year, and some institutions have even raised them many times, which fully demonstrates the confidence of the international community in China's economic development prospects. China's economy will continue to play an engine role and contribute to world economic recovery.

On May 2023, 5, Minister of Commerce Wang Wentao met with Musk. Picture from the website of the Ministry of Commerce

Foreign companies cast "votes of confidence" and continued to increase investment

On the one hand, many international institutions raised China's economic growth forecasts, on the other hand, many executives of foreign companies have visited China, which has also cast "votes of confidence" for the Chinese market.

Tesla CEO Musk recently made a series of statements during his visit to China: "Tesla opposes 'decoupling and chain breaking', is willing to continue to expand business in China and share China's development opportunities", "praises the vitality and potential of China's development, is full of confidence in the Chinese market, and is willing to continue to deepen mutually beneficial cooperation."

Increasing investment is not just talk, but also practical action. In April this year, Tesla announced that it would build a new energy storage super factory in Shanghai.

Starbucks Global CEO Nasihan said during a recent visit to China that Starbucks has set a goal of opening 2025,9000 stores by <> and will continue to invest in China, which will become Starbucks' largest market in the world.

Data show that from January to April, China's actual use of foreign funds reached nearly 1 billion yuan, a year-on-year increase of 4.5000%.

According to the "Survey Report on China's Foreign Investment Business Environment in the First Quarter of 5" released by the China Council for the Promotion of International Trade at the end of May, more than eighty percent of the surveyed foreign-funded enterprises expect the profit margin of investment in China to be flat or increase this year, and more than ninety percent of the surveyed companies expect their investment profits in China to remain flat or increase in the next five years.

"When I come to China in three years' time, I believe it will continue to prosper." The New York Times recently published an article by Stephen Ratner, who served as an adviser to the US Treasury during the Obama era. (End)