The International Monetary Fund upgraded its 2019 growth forecast for China, citing Beijing's effort to support the economy and improved outlook for the Asian giant's tariff fight with the U.S. IMF said in its latest World Economic Outlook report that China is projected to grow by 6.3 percent this year, higher than the fund's previous forecast of 6.2 percent. The latest report, released Tuesday, is widely read globally for the IMF's assessment of the world economy. China's economy, the second-largest in the world, grew by 6.6. percent last year — its worst performance in 28 years.

'Reason to be optimistic'

The fund's slightly more upbeat forecast for China this year came as some economists have also turned optimistic on the Asian economic giant's growth prospects. Europe's largest bank HSBC said China's growth could hit 6.6 percent this year — higher than the Chinese government's forecast of between 6.0 percent and 6.5 percent. Citi said there could be "upside risks" to its forecast of 6.2 percent growth in China for this year.