World Bank raises China's GDP growth forecast

Visitors in the Nanjing Road shopping district in Shanghai, China, on May 1, 2024. - Photographer: Qilai Shen/Bloomberg

THE World Bank raised its prediction on China's GDP growth rate by 0.3 percentage points to 4.8 percent for 2024 in its latest China Economic Update released on Friday.

The bank said the upward revision of 0.3 percentage points from its December 2023 China Economic Update reflected the country's stronger-than-expected foreign trade, additional support to the property sector, and higher-than-expected fiscal spending.

According to the report, risks to China's growth outlook are broadly balanced.

China's implementation of structural reforms helps maintain growth momentum in the short term and helps achieve long-term goals. Policies that accelerate the transition to carbon neutrality can boost demand for green technologies.

Addressing debt problems in real estate and other sectors and taking unsustainable firms out of the market can reduce imbalances and free up resources for more productive firms, reported on Friday, quoting Mara Warwick, the World Bank's country director for China and Mongolia, and director for Korea. - China Daily/ANN

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