World Bank forecasts 6.8% GDP growth
China’s GDP growth is projected to reach 6.8 percent this year, supported by rising household incomes and improving external demand, the World Bank said in its latest economic update released on Dec 19. It is the latest forecast upgrade by a major international organization as the world’s second-largest economy is set to achieve its growth target of around 6.5 percent for 2017. China’s year-onyear GDP growth averaged a higherthan-expected 6.9 percent in the first three quarters despite its financial regulatory tightening and economic restructuring measures, the report said. “China has maintained its growth resilience and gained reform momentum,” John Litwack, World Bank lead economist for China, said in the report. “The authorities have undertaken a host of policy and regulatory measures aimed at reducing macroeconomic imbalances and limiting financial risks without notable impact on growth,” Litwack said, adding that this year has been a “successful” year for China “on many fronts”.