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.