Bank of China Forecasts 7.5% GDP Growth for China in 2021


Big state-owned lender Bank of China (BOC) has issued a rosy forecast for Chinese GDP growth in 2021 following efforts to contain the economic impacts of the COVID-19 pandemic.

China’s GDP is on track to grow by around 7.5% in 2021, according to the 2021 Economic and Financial Outlook Report (2021年经济金融展望报告) released by BOC’s research wing on 30 November.

By contrast the International Monetary Fund (IMF) forecasts that China’s GDP will grow 8.2% in 2021, while the World Bank sees it expanding by 7.9%, and KPMG anticipates a rise of 7.8%.

On the macro-policy front, BOC expects China to maintain active fiscal policy, and for monetary policy to focus on “targeted” measures and flexibility.