PRESS ROOM

With our comprehensive network of multimodal freight and logistics services for the Chinese market, and numerous logistics hubs across the country, the U-Freight Group notes media reports that the International Monetary Fund has upgraded its projections for China's annual economic growth this year and next as the nation recorded a stronger-than-expected performance in the third quarter and Beijing rolled out policies to support the recovery.

The IMF expects China's gross domestic product to expand 5.4 per cent in 2023 and 4.6 per cent in 2024, according to its Article IV Mission statement. Those are each 0.4 per cent higher than the fund's previous projections in October.

Beijing's recent plan to issue more sovereign debt will help the economy recover and "is one of the reasons we upgraded our growth forecast," the IMF's First Deputy Managing Director Gita Gopinath said.

The IMF noted, however, that the slower growth next year is likely to be due to ongoing risks from the property slump and subdued external demand.

It called on the government to press ahead with efforts to contain risks from the real estate market and local government debt to boost sentiment and the near-term growth outlook.

China's trade data for October offered a mixed picture for the economy's outlook, as an unexpected pickup in imports was offset by signs that global demand for Chinese goods is struggling to gain traction, reports Caixin.

Imports rose three per cent year on year, the first gain in eight months and bucking the consensus forecast for a drop. But overseas export shipments dropped 6.4 per cent, worse than expectations.

You can find more information about the U-Freight Group's international freight and logistics services to and from China, as well as our comprehensive network of offices in the country, by visiting the relevant pages on this website, or speaking to your usual contact in our company.