ThisphototakenonNov.4,2023showsacityviewofShanghai,eastChina.(Xinhua/WangJianhua)SHANGHAI,May22(Xinhua)--ZhuHaibin,chiefChinaeconomistatJ.P.Morgan,estimatesChina'seconomywillgrow5.2percentin2024,upfromhispreviousestimateof4.9percent.TheeconomistannouncedhisupdatedestimateduringtheJ.P.MorganGlobalChinaSummitinShanghaionWednesday.Zhusaidthatthecountry'srobust5.3percentyear-on-yeareconomicgrowthinthefirstquarterof2024surpassedmarketexpectationsandmarkedastrongbeginningfortheyear.HenotedthattheChineseeconomy'sthreemainhighlightsinthefirstquarteroftheyearwereayear-on-yearincreaseinitsindustrialaddedvalue,whichoutpacedthecountry'soveralleconomicgrowth,aswellasthediversificationofthecountry'sexportproductsanddestinations,andtheriseofnewtechnologiesandindustriesasdriversofeconomicgrowth.Zhusaidheexpectstheexchangerateoftherenminbi,theChinesecurrency,toremainlargelystablethroughouttheyear."Althoughtheyuanfacesthepressureofshort-termdepreciationagainsttheU.S.dollar,thedownwardpressurewillbeeasedastheU.S.FederalReserveislikelytocutinterestratesinthesecondhalfoftheyear,"hesaid.TheJ.P.MorganGlobalChinaSummitisoneofthelargestandmostinfluentialannualgatheringsofbusinessleadersinChina,connectingtheglobalinvestmentcommunitywithChina'smarket.Thisyearisthe20thconsecutiveyearthattheeventhasbeenheld.■Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.