World Bank fore­casts 6.8% GDP growth

China Daily European Weekly - - News Digest -

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”.

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