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China should boost consumption as real estate slump drags on, IMF says

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According to the IMF’s October update of its World Economic Outlook, China’s economy will grow 5% in 2023, a decrease from an earlier forecast of 5.2%.

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China’s old economic model of relying on investments in real estate has “run its course” and the government needs to consider boosting consumption to drive recovery, according to the International Monetary Fund. 

The slowdown in real estate is the main reason for China’s sluggishness, Krishna Srinivasan, director of the Asia and Pacific department at the IMF said. “There has not been a comprehensive response to the problem and that has weighed both on investment in the real estate sector…



Source cnbc.com

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