The International Monetary Fund on Wednesday raised its 2024 growth forecast for China to five percent, citing recent policy moves by Beijing to boost the nation's economy.

"China's economic growth is projected to remain resilient at five percent in 2024 and slow to 4.5 percent in 2025," the IMF said in a press release.

The decision was "driven by strong first-quarter GDP data and recent policy measures", it added.

The fund had initially projected 4.6 percent growth for this year – compared with "around five percent" targeted by authorities in March.

The IMF also welcomed official steps in recent weeks to boost the housing market.

"The ongoing housing market correction, which is necessary for steering the sector towards a more sustainable path, should continue," it said.

But, it added that "a more comprehensive policy package would facilitate an efficient and less costly transition while safeguarding against downside risks". (AFP)