World Bank sees growth moderating for next two years

World Bank sees growth moderating for next two years”

Backed by better-than-expected growth, the International Monetary Fund (IMF) has revised up its forecast for China's economic growth for the fourth time this year, to 6.8 percent in 2017 and 6.5 percent the year after.

China has maintained strong economic growth, which is projected to reach 6.8 percent this year, supported by rising household incomes and improving external demand, the World Bank said in its latest economic update report released on Tuesday.

The three-day annual conference, held in Beijing from Monday to Wednesday, saw Chinese leaders review economic performance in 2017 and map out plans for the next year.

"Let's face it", said an official involved in policy discussions. The nation is also making progress this year in its economic re-balancing, as investment's contribution to output growth declined amid the rising importance of consumption, according to the bank.

China's GDP expanded 6.9 percent year on year in the first three quarters, well above the government's growth target of around 6.5 percent for this year.

The recovery in global trade, as a result of broad-based recovery of the global economy, has been an important factor supporting China's economic activity this year, the report noted. The contribution of the net export to the country's economic growth, though staying negative for the past two years, turned positive for the first three quarters of this year.

"A slight move in the financial system - such as a bank credit control or an interbank liquidity squeeze - may affect the whole situation ... and that deserves special attention from the regulators", she said.

As China's domestic financial tightening continues, the World Bank expected its GDP growth to slow to 6.4 percent in 2018 and further down to 6.3 percent in 2019.

China will take concrete measures to strengthen the regulation of local government debt, Xinhua said.

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