IMF Upgrades China's 2024 Growth Forecast to 5%

Stronger-than-expected Q1 data and policy measures prompt revision; long-term challenges remain

China's 2024 GDP growth forecast increased from 4.6% to 5% by the IMF.
Growth for 2025 is also revised up to 4.5%, reflecting recent economic policies.
IMF highlights need for consumer-friendly reforms and stronger social safety nets.
Long-term growth projected to slow to 3.3% by 2029 due to aging population and productivity issues.
Emphasis on market-oriented reforms and support for the property sector to sustain high-quality growth.