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Morgan Stanley raises GDP forecast

Morgan Stanley raised its forecast on the pace of China's economic expansion for this year and 2019 in its latest research note, saying growth had become more sustainable and less reliant on credit. The New York-based investment bank expects China's gross domestic product to rise 6.6 percent year-on-year in 2018, up from its previous projection of 6.5 percent. Its forecast for 2019 improved from 6.3 percent to 6.4 percent. Robin Xing, chief China economist with Morgan Stanley, attributed the upgrade to better-than-expected performance for the year to date.