IMF lowering its prediction for China’s economy

THE International Monetary Fund expects China’s economy to grow 7.75 percent this year, lowering its earlier forecast of 8 percent due to weaker global demand.

The projection is still above the 7.5 percent target set by the Chinese government and in line with China’s gross domestic product expansion of 7.7 percent in the first quarter of the year.

“Despite weak and uncertain global conditions, the pace of Chinese economy should pick up moderately in the second half of the year, as the recent credit expansion gains traction and in line with a projected mild pick-up in the global economy,” the IMF said in its report yesterday.

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