IMF lifts China’s GDP to 8.4 %, but Gita Gopinath says growth unbalanced

The International Monetary Fund has increased China’s GDP projection to 8.4% for this year, a 10-year high, but its chief economist Gita Gopinath cautioned that economic growth in the world’s second l

The International Monetary Fund has increased China’s GDP projection to 8.4% for this year, a 10-year high, but its chief economist Gita Gopinath cautioned that economic growth in the world’s second largest economy was unbalanced and private consumption has not recovered as fast as expected following the coronavirus crisis. The IMF also urged China to address its high corporate debt levels resulting from the easy monetary policy put in place during the coronavirus pandemic. In its latest issue of the World Economic Outlook released in Washington, the IMF put China’s 2021 growth at 8.4%, up 0.3 percentage points from its January forecast.