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FX.co ★ World Bank raises forecast for China’s 2017 GDP growth

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Forex Humor:::2017-12-25T10:32:48

World Bank raises forecast for China’s 2017 GDP growth

The World Bank raised its forecast for China’s economic growth in 2017 to 6.8% from 6.7% in its previous forecast. But the lender kept its forecast for China’s 2018 and 2019 GDP growth unchanged at 6.4% and 6.3%, respectively.

“China has maintained its growth resilience and gained reform momentum,” the World Bank said in its China Economic Update. “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.”

Amid robust inflation, recovering global trade and sustained domestic demand, the country’s economy is on track for its first year-on-year acceleration since 2010.

Beijing’s campaign to reduce risks in the financial sector has pushed up borrowing costs, raising concerns GDP growth could take a hit next year.

The World Bank nonetheless said that Beijing’s campaign to reduce risks in the financial sector and recent efforts to restructure China's economy as well as tighter domestic policy could slow GDP growth.

The downside risks are the rising leverage of the non-financial sector and uncertainty around housing prices.

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