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BEIJING (MNI) - The World Bank on Tuesday raised its forecast for China's
economic growth this year to 6.8% from 6.7%, saying the country has maintained
strong growth on rising household incomes and consumption and greater external
Referring to China's balancing act in maintaining growth stability while
advancing reform, the bank said in its China Economic Update that "2017 has been
a successful year for China on many fronts."
The World Bank noted that growth of household incomes and consumption had
sped up compared with investment. China's trade surplus for the past three
quarters, stable capital outflows and the appreciation of the yuan against the
U.S. dollar contributed to the bank's optimism about China's economic strength
The World Bank spoke highly of China's overhauls under the central
government's mandate, emphasizing considerable achievements in deleveraging,
with growth in total credit outside the financial sector dropping to 14.1% in
the January-to-November period on an annualized basis, lower than the 15.9% last
But policy tightening with the goal of rebalancing the economic structure
and controlling financial risks is expected to weigh on China's GDP growth, the
bank said, projecting that growth will ease to 6.4% in 2018 and 6.3% in 2019.
"Prudent monetary policy, stricter financial sector regulation and the
government's continuing efforts to restructure the economy and to rein in the
pace of leveraging are expected to contribute to the growth moderation," the
Elitza Mileva, senior economist and co-author of the China Economic Update
report, noted that China's favorable economic fundamentals would benefit its
efforts to create a better-quality economy.
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