Global financial institutions, including JP Morgan, Citigroup and UBS, on Wednesday raised their 2023 growth forecasts for China after the country's economy expanded at a faster-than-expected pace in the third quarter.
Citigroup expects China's gross domestic product (GDP) to grow 5.3% in 2023 from 5% earlier, Reuters reported.
JP Morgan forecasts China's economy to expand 5.2% this year, up from the previous 5% estimate, while Morgan Stanley lifts the growth forecast to 5.1% from 4.8% to 4.9% earlier.
UBS, the Swiss banking giant, has raised its estimate to 5.2%, 0.4 percentage points up from earlier.
Nomura, a Japan-based financial services group, has upgraded China's 2023 year-on-year growth forecast to 5.1% versus 4.8% prior, the company said in a note on Wednesday.
Though Goldman Sachs slightly cut its forecast to 5.3% from 5.4%, it's still higher than China's official target of a 5 percent growth for the year, Reuters said.
China's GDP grew 5.2% year on year in the first three quarters of 2023, data from the National Bureau of Statistics showed Wednesday.
In the third quarter of 2023, the country's GDP expanded 4.9% year on year, beating analysts' expectations of a 4.4-percent increase.
