The World Bank today (June 29) released the China Economic Bulletin. The report shows that as economic activities continue to normalize, the scope of China’s recovery has expanded. China’s economic growth is expected to reach 8.5% this year.
The report pointed out that consumer and business confidence has increased and the labor market is improving, which will support economic growth from public investment and exports to consumption. On the supply side, it is expected that the driving force of economic growth will gradually shift from industrial production to the service industry.
Akasi, the chief economist of the World Bank in China, also said that consumption and investment will support a stronger recovery. As the scope of the global economic recovery gradually expands, this will bring more robust economic growth to China.
Ikas, Chief Economist of the World Bank in China: There are signs that the world economic recovery is stronger than expected. Then the (China) export-oriented manufacturing industry will have better expectations, which will also increase business owners’ confidence in additional investment. .
The World Bank also suggests that promoting the use of carbon pricing in conjunction with expanding the scale of green investment will help support the transformation of low-carbon growth with broad benefits. Advancing structural reforms and continuing to relax market access, such as service industry market access, will also help promote competition, encourage innovation, and promote productivity growth.
