J.P. Morgan revises upward forecast for China's 2024 growth to 5.2%

24 May '24

1 min read

J.P. Morgan revises upward forecast for China's 2024 growth to 5.2%

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China's economy is estimated to grow by 5.2 per cent this year, higher from 4.9 per cent estimated earlier, chief China economist at J.P. Morgan Zhu Haibin said.
The 5.3 per cent YoY economic growth in Q1 2024 surpassed market expectations, Zhu told a Shanghai summit.
Zhu expects the exchange rate of Chinese currency renminbi to stay largely stable in 2024.

China's economy is estimated to grow by 5.2 per cent this year, according to Zhu Haibin, chief China economist at J.P. Morgan. This is higher from his previous estimate of 4.9 per cent.

The country's robust 5.3 per cent year on year (YoY) economic growth in the first quarter (Q1) this year surpassed market expectations and marked a strong beginning, Zhu told the J.P. Morgan Global China Summit in Shanghai.

The domestic economy's three main highlights in Q1 2024 were a YoY increase in its industrial added value, which outpaced the country's overall economic growth, as well as the diversification of the country's export products and destinations, and the rise of new technologies and industries as drivers of economic growth, a state-controlled news agency cited Zhu as saying.

Zhu expects the exchange rate of Chinese currency renminbi to stay largely stable throughout the year, despite the currency facing the pressure of short-term depreciation against the US dollar.

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