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在线翻译:
szdaily -> Business_Markets -> 
World Bank raises China GDP forecast
    2017-12-20  08:53    Shenzhen Daily

THE World Bank yesterday raised its forecast for China’s economic growth in 2017 to 6.8 percent from 6.7 percent it previously projected, as personal consumption and foreign trade supported growth.

It was the bank’s second upward revision for China’s growth this year, after it lifted the projection from 6.5 percent to 6.7 percent in October.

“China has maintained growth resilience and gained reform momentum as the authorities have undertaken a host of measures aimed at reducing macroeconomic imbalances and limiting financial risks without notable impact on growth,” said John Litwack, World Bank lead economist for China. “As a result, economic rebalancing received a boost. The growth of household incomes and consumption accelerated relative to investment.”

He underlined the fact that net exports had returned to positive contribution to growth, business confidence improved, job creation remained buoyant, capital outflows stabilized and the yuan appreciated against the U.S. dollar.

But the Washington-based lender kept its forecast for China’s 2018 and 2019 GDP growth unchanged at 6.4 percent and 6.3 percent, respectively, due to less accommodative monetary policy and the government’s effort to rein in credit and control leverage.

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

“Despite the recent slowdown, credit continues to grow considerably faster than GDP. Outstanding bank loans reached 150 percent of GDP in November 2017, up from 103 percent at the end of 2007,” the World Bank said in its China Economic Update.

China’s economy grew at a faster-than-expected 6.9 percent over the first nine months of the year, but the government’s campaign to reduce risks in the financial sector has pushed up borrowing costs, raising concerns GDP growth could take a hit next year.

But strong growth so far this year has given policymakers an opportunity to accelerate deleveraging, which is “likely to come at the cost of slower GDP growth in the near term but will improve China’s long-term economic prospects,” the World Bank report said.

External risks to China’s economy include the potential for more restrictive trade policies in advanced economies and geopolitical tensions, the report said.(SD-Xinhua)

 

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