BEIJING: China's manufacturing activity unexpectedly fell in May, an official factory survey showed on Friday, keeping alive calls for fresh stimulus as a protracted property crisis continues to weigh on businesses, consumers and investors. The International Monetary Fund on Wednesday revised up its China growth forecast by 0.4 percentage points to 5% for 2024 and 4.5% in 2025, but warned the property sector remained a key growth risk. Problems in the property sector have had a negative impact across broad areas of China's economy and have slowed Beijing's efforts to shift its growth model more towards domestic consumption from debt-fuelled investment. China this month unveiled "historic" steps to stabilise the property market, but analysts say the measures fall short of what is required for a sustainable recovery. The IMF said it saw "scope for a more comprehensive policy package to address property sector issues."
