INVESTMENT banks Goldman Sachs and morgan Stanley raised their outlook for China's economic growth this year as factory activity and exports accelerate more quickly than expected, reports Caixin.
China's economy probably expanded at a 7.5 per cent annualised pace in the first quarter from the previous three months, Goldman economists led by Hui Shan said in a note - higher than their 5.6 per cent previous estimate. The bank now sees 2024 growth forecast at five per cent, in line with Chinese policymakers' target, rather than the 4.8 per cent previously quoted.
Morgan Stanley also lifted its 2024 growth forecast, to 4.8 per cent from 4.2 per cent, citing better-than-expected export growth from resilient US demand and robust export volume. Beijing's increased focus on supply chain upgrades is expected to lead to stronger capital expenditure in the manufacturing sector.
The world's second-largest economy has struggled to regain momentum as the property sector and consumer spending remain weak, though data so far this year have shown green shoots in factory activity and trade.
SeaNews Turkey
China's economy probably expanded at a 7.5 per cent annualised pace in the first quarter from the previous three months, Goldman economists led by Hui Shan said in a note - higher than their 5.6 per cent previous estimate. The bank now sees 2024 growth forecast at five per cent, in line with Chinese policymakers' target, rather than the 4.8 per cent previously quoted.
Morgan Stanley also lifted its 2024 growth forecast, to 4.8 per cent from 4.2 per cent, citing better-than-expected export growth from resilient US demand and robust export volume. Beijing's increased focus on supply chain upgrades is expected to lead to stronger capital expenditure in the manufacturing sector.
The world's second-largest economy has struggled to regain momentum as the property sector and consumer spending remain weak, though data so far this year have shown green shoots in factory activity and trade.
SeaNews Turkey
