Bloomberg reports that UBS Group AG economists forecast that China’s economy will grow even faster than initially expected in 2021, driven by a strong rebound in the domestic economy and U.S. stimulus that should drive demand for Chinese exports.
The world’s second-largest economy will expand 9% this year, they estimated Tuesday, faster than their earlier forecast of 8.2%. If achieved, that would be the quickest growth in a decade, and would bring forward the time when China’s economy surpasses America’s in size.
“Despite additional mobility restrictions around the CNY holiday period that weakened travel and tourism, China’s overall economic activities were stronger than expected, thanks in part to more working days and robust export demand,” Chief China Economist Wang Tao and others wrote in the report.
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