Leading global banks have raised their forecasts for China's economic outlook in 2025, citing the continued upward trajectory the world's second largest economy has maintained since the start of the year.
International investment bank Morgan Stanley recently increased its GDP growth forecast for China by 0.5 percentage points, citing the stronger-than-expected performance in the first quarter and robust investment momentum in emerging industries.
"China's economy had a good start in the first quarter. Companies are showing a keener interest than last year in investing in sci-tech innovation sectors such as advanced manufacturing, new energy, smart driving, and AI applications in robotics, with investment levels expected to continue rising," said Robin Xing, chief China economist at Morgan Stanley.
Similarly, other major foreign financial institutions, including JPMorgan Chase, HSBC, Goldman Sachs, and Nomura, have also adjusted their forecasts upwards, reflecting growing optimism about China's economic outlook.
Research reports highlight that China's economy has demonstrated remarkable resilience and potential across various sectors, thanks to policy support, market dynamism, and ongoing industrial transformation.
"Policies, such as expanding the scope of consumer goods trade-in programs and increasing basic pension benefits and medical subsidies for urban and rural residents, are expected to play a key role in boosting consumer confidence," said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered.
Goldman Sachs predicts that by 2030, artificial intelligence could contribute 0.2 to 0.3 percentage points annually to China's GDP growth. Meanwhile, HSBC reports that favorable policies in China are giving strong support to technological innovation and significantly boosting corporate confidence, which will contribute to more sustainable and comprehensive economic growth.
The foreign financial institutions generally agree that continued macroeconomic policy support will play a positive role in advancing China's economy expansion.
Global banks raise China's growth forecasts for 2025
Chinese Foreign Minister Wang Yi and Russian Foreign Minister Sergey Lavrov agreed on Tuesday to jointly advance the development of bilateral relations and cooperation across various fields.
Wang is on an official visit to Russia where he held talks with Lavrov.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said Chinese President Xi Jinping and Russian President Vladimir Putin have twice engaged in strategic communication so far this year, guiding the steady progress of bilateral relations amid the major changes unseen in a century and making new important deployments to deepen comprehensive strategic coordination between the two countries.
China is willing to work with Russia to implement the consensus reached by the two heads of state, jointly advance the development of bilateral relations and cooperation across various fields, and continue to benefit the two peoples, Wang said.
Wang noted that this year marks the 80th anniversary of the victories of the Chinese People's War of Resistance Against Japanese Aggression, the Soviet Union's Great Patriotic War and the World Anti-Fascist War, as well as the 80th anniversary of the founding of the United Nations (UN).
China is willing to work with Russia to shoulder the special responsibilities as permanent members of the UN Security Council to safeguard the outcomes of World War II, as well as international fairness and justice, he said.
China is also ready to work with Russia to promote a multi-polar world and greater democracy in international relations, so as to make new contributions to the cause of peace and development, he added.
Wang expressed his confidence that under the strategic guidance of the two heads of state, the China-Russia comprehensive strategic partnership of coordination for a new era will gain fresh momentum and reach a new stage.
For his part, Lavrov said that Putin and Xi have injected strong impetus into bilateral strategic coordination, guiding bilateral relations to an unprecedented level.
Russia and China share a long tradition of good-neighborliness and friendship, a long border and broad common interests, Lavrov said, adding that Russia is willing to work with China in accordance with the guiding principles set by the two heads of state to achieve new results in bilateral relations.
Lavrov noted that facing the complex international landscape, Russia and China have maintained close coordination to inject stability to the world.
Russia highly appreciates the global initiatives that China proposed, fully supports China's position on the Taiwan question, and is willing to jointly uphold the purposes and principles of the UN Charter, and safeguard a just and equitable international order, he said.
The two sides agreed to strengthen coordination between the two foreign ministries and prepare for exchanges at all levels later this year, deepen practical cooperation in various fields and consolidate the material foundation of bilateral relations.
They pledged to make the China-Russia Years of Culture a success, enrich cultural exchanges and enhance friendship between the two peoples.
They also agreed to enhance coordination within frameworks such as the Shanghai Cooperation Organization, BRICS, the G20 and the UN to jointly safeguard the legitimate rights and interests of Global South countries.
The two sides also exchanged views on the Ukraine crisis. Lavrov said that Russia eyes for eliminating the root causes of the crisis and is committed to building a lasting security architecture for Eurasia.
Wang reiterated China's consistent position and expressed support for all peace efforts, noting that China is willing to continue to build more international consensus through the Group of Friends for Peace and play a constructive role in promoting a political settlement of the crisis.
The two sides also coordinated their positions on the current international situation, particularly developments in the Asia-Pacific region.
Chinese, Russian FMs agree to deepen practical cooperation, safeguard just int'l order
