The World Bank has upgraded its economic outlook for China, predicting a 4.5% GDP growth next year. While acknowledging recent policy easing measures and export strength, the Bank stresses the need for comprehensive reforms to address lagging confidence and structural issues. It calls for deeper changes in education, healthcare, social welfare, and the household registration system.
The World Bank has raised its near-term economic forecasts for China while repeating calls for President Xi Jinping to pursue deep reforms to address lagging confidence and structural problems in the world’s second-biggest economy. The multilateral lender said on Thursday that it had revised its forecast for China’s GDP growth next year upwards by 0.4 percentage points to 4.
The World Bank also released a new analysis of economic mobility in China for the period from 2010 to 2021, which showed that more than half a billion people were potentially at risk of falling out of the middle class just a generation after rising out of poverty, according to its definitions.
CHINA ECONOMY GROWTH REFORMS WORLD BANK
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