The IMF raised its forecast for China's GDP growth in 2023 to 5.4% citing better-than-expected third-quarter growth and recent policy announcements from Beijing. However, it still expects China's growth to slow to 4.6% in 2024 due to ongoing weakness in the property market and subdued external demand. The IMF's First Deputy Managing Director said that China's real estate sector remains under stress with ongoing weaknesses that will take time to resolve. Developers struggle to obtain financing to complete projects amid mortgage boycotts stemming from tightening measures begun in 2020.