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Chinese economy continues adjusting to "new normal"


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IMAGE: Karlis Smits, Senior Economist and main author of the report »

Ocober.29.2014

China's growth continues to moderatereflecting policy efforts to rebalance theeconomy as the country works to implement reforms supporting more sustainable growththe World Bank said on Wednesday.

For 2015-16, China's average economic growth is expected to ease to slightly above 7 percentas policy efforts to place the economy on a more sustainable growth path are likely to intensify,according to the World Bank's China Economic Update released on Wednesday.

"Policy efforts to tighten credit growthreduce excess capacityinternalize the cost of industrialpollutionand harden budget constraints of local governments intensified in 2014. These policiesare welcome and will help put growth on a more sustainable path," said Karlis SmitsSenior Economist and main author of the report.

The World Bank's Chinese economic growth forecast for 2014 has been revised downward to7.4 percentlargely due to weaker-than-expected domestic economic activity.

China's growth pace dipped to 7.3 percent in the third quarter from 7.5 percent in the April-Juneperiodofficial data showed.

Article Credit: Chinadaily

Updated 4 Years ago
 

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