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Foreign institutions have raised their forecasts for China’s this year amid the nation’s better-than-expected first-quarter performance, stimulus and resilience in exports.
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While Barclays revised upward its China GDP forecast from 4.4 to 5 percent, the World Bank readjusted its expectations from 4.5 percent to 4.8 percent.
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China’s is on track for a steady rebound and the is poised to meet its preset annual growth target of around 5 percent, experts said.
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As the broader economy is still facing pressures from lackluster and mounting external uncertainties, they called for stepped-up fiscal to boost domestic demand. Deepening reform is an imperative to deal with some structural issues, they added.
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Zhang Xiaoyan, associate dean of Tsinghua University’s PBC School of Finance, told China Daily in an exclusive the country’s around 5 percent annual GDP target is highly achievable.
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The nation still has huge growth and favorable conditions, given its ultra-large domestic market, a industrial and abundant talent, Zhang said.
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Zhang added that technological innovations, such as artificial intelligence, and green industries will serve as new growth drivers.
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Yao Yang, of the China for Economic at Peking University, said the nation’s annual growth target of around 5 percent is feasible. “The Chinese needs to take a bigger step to boost demand,” he said, suggesting an in government spending.
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China has already announced a of measures to boost demand, the issuance of 1 trillion yuan worth of ultra-long-term treasury bonds this year as well as driving large-scale renewal and trade-in deals for consumer goods.
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Last week, the National Development and Reform Commission and four departments jointly released a mapping out measures to foster new consumption scenarios in multiple sectors such as tourism, automobiles and electronics.
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Daniel Zipser, partner at consultancy McKinsey & Co, expressed regarding the nation’s long-term prospects, saying the rise of the middle-income group will to drive consumption.
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