Confidence high China can give boost to global growth recovery

As international organizations and investment institutions have raised their forecasts for China's economic growth this year, the international community's confidence in the Chinese economy has been further strengthened, and it has become a widespread consensus and expectation that China will contribute tremendously to the recovery of the global economy this year.

The International Monetary Fund recently released an update to its World Economic Outlook Report, raising China's economic growth forecast for this year to 5.2 percent, 0.8 percentage points higher than the previous forecast. The IMF estimates that China will account for one-fourth of global growth this year. The United Nations released its World Economic Situation and Prospects 2023 report, predicting that China's economic growth will reach 4.8 percent this year, supporting the growth of the whole region.

Many international investment institutions, including Morgan Stanley, Goldman Sachs, HSBC and JP Morgan Chase& Co, have also raised their forecasts for China's economic growth this year. They believe that China's rebound is set to give the global economy a much-needed shot in the arm.