Raised forecast for China's economic growth

The Asian Development Bank has raised its forecast for China's economic growth in 2023 to 5.2 percent from September's estimate of 4.9 percent as household consumption and public investment have driven up growth in the third quarter. 

In its latest Asian Development Outlook released on Wednesday, the development bank said policy support is expected to continue in China to offset softer external demand and a prolonged property downturn.

Consumption and private investment are still regaining their footing while the property sector remains contractionary, the ADB said, maintaining its GDP growth forecast for China at 4.5 percent in 2024.

The development bank revised down its forecast for China's inflation in 2023 from 0.7 percent in September to 0.5 percent while keeping the 2024 forecast unchanged at 2 percent. 

With robust domestic demand having driven higher-than-expected growth in China and India, the ADB raised its economic growth forecast for developing economies in Asia and the Pacific. It expects developing Asia to grow by 4.9 percent in 2023, up from September's projection of 4.7 percent and maintains the 2024 forecast at 4.8 percent.

Liu Zhihua contributed to this story.