Xinhua News Agency, Beijing, April 13 (Reporter Ren Jun) Goldman Sachs and Citigroup recently released reports saying that China's economy is off to a good start in 2024, and it is expected that the GDP growth target set by the Chinese government of "around 5%" can be achieved, and that China's GDP growth forecast for the whole of 2024 will be raised. Among them, Goldman Sachs has gone from 4.Blockchaingames2023.8 per cent to 5.0 per cent and Citi to 5.0 per cent from 4.6 per cent.
According to a recent report by the macroeconomic team of Goldman Sachs Research, China's economic data from January to February were generally better than expected, with China's manufacturing purchasing managers' index (PMI) higher than widely expected in March, while recent high-frequency data showed the resilience of the Chinese economy. So Goldman Sachs reevaluatesBlockchaingames2023The trend of China's economic growth and the forecast of China's real GDP growth rate are adjusted accordingly.
Goldman Sachs reported that China's manufacturing PMI was 50.8 per cent in March, up 1.7 per cent from the previous month, while the index of non-manufacturing business activity continued to grow, indicating that the Chinese economy continued to stabilize and rebound. In terms of consumption, the per capita tourism expenditure during the Qingming Festival holiday this year has exceeded the level of the same period in 2019.
Yu Xiangrong, chief economist of Citigroup Greater China, said in the research report that since the beginning of the year, China's exports and industrial production have obviously picked up, and the manufacturing PMI performance in March is encouraging. Citi recently raised its GDP growth forecast for China this year to 5.0 per cent from 4.6 per cent.
Yu Xiangrong believes that the new round of stable growth policy is speeding up the landing. From the perspective of supporting policies, the Chinese government is promoting large-scale upgrading of equipment and trade-in of consumer goods; in the past two months, the national general public budget expenditure has completed 15.3% of the annual budget, the fastest pace of expenditure in the same period in recent years; in addition, the Chinese government has sent a stronger signal to optimize the business environment and promote opening up to the outside world.