The World Bank has lifted its 2017 forecast for economic growth in China amid rising household incomes and a recovery in global trade.
The bank has raised its forecast for Chinese GDP growth for 2017 to 6.8 per cent, from the 6.7 per cent it forecast October, according to its latest China Economic Update report.
Still, GDP growth is forecast to slow in the coming years, to 6.4 percent in 2018 and 6.3 percent in 2019, on the back of continued domestic policy tightening.
John Litwack, World Bank lead economist for China, commented:
China has maintained its growth resilience and gained reform momentum. 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.
As a result, 2017 has been a successful year for China on many fronts. Economic rebalancing received a boost—the growth of household incomes and consumption accelerated this year relative to investment.
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