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IMF maintains China economic growth forecast for 2019

By Yang Yang | | Updated: 2019-01-22 17:59
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International Monetary Fund Managing Director Christine Lagarde attends a news conference ahead of the inauguration of the World Economic Forum in Davos, Switzerland on Jan 21, 2019. [Photo/VCG]

The International Monetary Fund maintained its China economic growth forecasts while trimming global growth projections for 2019 at the World Economic Forum in Davos, Switzerland on Monday.

China's economic growth is projected to be 6.2 percent for 2019, the same as the IMF's previous prediction in October. Domestic demand is also estimated to remain robust, aided by policies to boost consumption this year, the IMF said in its Global Economic Prospects.

Figures show growth in China remains robust, in part reflecting resilient consumption. However industrial production and new export orders have moderated, asset prices have experienced downward pressure and sovereign bond spreads have risen amid trade tensions. Prices of newly constructed residential buildings have rebounded, including in first-tier cities following a period of correction according to the report.

The Fund projects a 3.5 percent growth rate worldwide for 2019 and 3.6 percent for 2020, down 0.2 and 0.1 percentage points compared to its forecasts in October, said IMF Chief Economist Gita Gopinath at an Update of the World Economic Outlook press conference.

The world economy is growing more slowly than expected, risks are rising and the expansion seen in recent years is losing momentum, said IMF Managing Director Christine Lagarde at the forum, calling for policymakers to collaborate to address global risks.

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