World Bank raises outlook for China growth to 4.8% → 4.9% this year

The World Bank (WB) has revised China's real gross domestic product (GDP) growth forecast for the year to 4.9%, 0.1 percentage point higher than the previous 4.8%.

According to the Beijing Daily, a local Chinese media outlet, the World Bank raised its forecast for China's economic growth this year to 4.9% from 4.8% in June, and presented a 4.5% forecast for next year.

The World Bank said China's economy grew 4.8% in the first three quarters this year despite several challenges.

Since the second quarter of this year, China's economy has slowed due to weak domestic demand and a slump in real estate, and the Chinese government has come up with stimulus measures to boost short-term domestic demand and stabilize long-term financial stability.

The World Bank suggested that China should re-boost economic growth through structural reforms, noting that boosting domestic consumer demand by increasing liquidity is particularly important.