Global organizations raise expectations on China's economic growth

The Organization for Economic Co-operation and Development rose the economic growth expectation on China again in a report released on June 7 local time to 5.4 percent this year and 5.1 percent next year, deeming that China's economic recovery fuels the global economy, China News Service reported Friday.

The World Bank also lifted its prospect on China's economic growth by 1.3 percentage points in the latest Global Economic Prospects on June 6.

The World Bank said that China saw a robust recovery in economic growth in early 2023 thanks to the release of pent-up demand during the pandemic. The economic rebound and over saving in previous times will facilitate an increase in family spending, especially on services. The bank estimates China's economic growth will rebound to 5.6 percent this year.

Previously, the United Nations and International Monetary Fund lifted their expectation on China's economic growth as well.

The UN raised its forecast on China's economic growth from 4.8 percent to 5.3 percent in the World Economic Situation and Prospects 2023 Mid-Year Update.

IMF projected in its latest Regional Economic Outlook (Asia and Pacific) that China will post 5.2-percent economic growth in 2023, continuing to be the engine of global economic growth. Domestic demand, especially demand for consumption, will be the major driver for China's economic growth this year.

The four major international organizations' forecasts for China's economic growth are all higher than the expected target of around 5 percent set by China in the government work report.

Some international institutions are more optimistic. Zhu Haibin, chief China economist with JPMorgan Chase & Co, said recently that JPMorgan expects China's economic growth in 2023 is about 5.9 percent.