Recently, the International Monetary Fund (IMF) has also been fairly consistently revising downward its forecast of global growth in its World Economic Outlook (Chart 1). Although the Chinese economy has been slowing somewhat, mainly in the manufacturing sector, its services sector has been firm (Chart 2).
Under the authorities’ strong commitment to supporting growth, the economy is expected to broadly follow a stable growth path, albeit with the growth rate continuing to slow somewhat, as the authorities proactively carry out policy measures to support economic activity from both the fiscal and financial sides (Chart 3).