This photo taken on July 3, 2023 shows robotic arms working in the welding workshop of GAC Aion New Energy Automobile Co Ltd in Guangzhou, south China's Guangdong province. (PHOTO / XINHUA)

WASHINGTON - The International Monetary Fund (IMF) on Thursday reiterated its upward revision of China's economic growth forecast for 2023 and 2024.

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Based on the latest forecast, the IMF expects the Chinese economy "to meet the government's 2023 growth target of around 5 percent, and this reflects the post COVID recovery," IMF spokesperson Julie Kozack said at a press briefing in response to a question from Xinhua.

We also see that China has the potential to raise this medium-term growth through structural reforms to boost productivity and improve labor force participation. 

Julie Kozack, IMF spokesperson

After an IMF team conducted discussions with Chinese officials on the 2023 Article IV Consultation, the agency announced in early November to upgrade its forecast for the Chinese economy for 2023 to 5.4 percent from 5.0 percent, and for 2024 to 4.6 percent from 4.2 percent, as compared with its World Economic Outlook released in October.

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She noted that over the medium term, the IMF expects growth in China to further slow, reflecting an aging population as well as slowing productivity growth.

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"We also see that China has the potential to raise this medium-term growth through structural reforms to boost productivity and improve labor force participation," she added.