This photo taken on Nov. 4, 2023 shows a city view of Shanghai, east China. (Xinhua/Wang Jianhua)

Zhu Haibin, chief China economist at J.P. Morgan, estimates China's economy will grow 5.2 percent in 2024, up from his previous estimate of 4.9 percent.

The economist announced his updated estimate during the J.P. Morgan Global China Summit in Shanghai on Wednesday.

Zhu said that the country's robust 5.3 percent year-on-year economic growth in the first quarter of 2024 surpassed market expectations and marked a strong beginning for the year.

He noted that the Chinese economy's three main highlights in the first quarter of the year were a year-on-year increase in its industrial added value, which outpaced the country's overall economic growth, as well as the diversification of the country's export products and destinations, and the rise of new technologies and industries as drivers of economic growth.

Zhu said he expects the exchange rate of the renminbi, the Chinese currency, to remain largely stable throughout the year. "Although the yuan faces the pressure of short-term depreciation against the U.S. dollar, the downward pressure will be eased as the U.S. Federal Reserve is likely to cut interest rates in the second half of the year," he said.

The J.P. Morgan Global China Summit is one of the largest and most influential annual gatherings of business leaders in China, connecting the global investment community with China's market. This year is the 20th consecutive year that the event has been held.