China’s economy will likely grow faster next year than previously thought, the International Monetary Fund said, downplaying the risks of the cooling property market in the world’s second-largest economy.
Economic growth in China will likely be "well above" 7 per cent next year, Changyong Rhee, director of the Asia and Pacific department at the IMF, told a briefing in Manila.
His remarks suggested the global lender will upgrade its growth forecast for the country next month from the current 7.1 per cent estimate it made in July.
The IMF has a 7.4 per cent growth forecast for China for 2014, slightly below the government’s official target of around 7.5 per cent.
We expect they have many tools to maintain the growth rate well above 7 per cent next year
"We expect they have many tools to maintain the growth rate well above 7 per cent next year," Rhee said.