Slower growth projected in China
Print Edition
THE moderation of China’s economic growth is set to slow the growth in the East Asia and Pacific region in the coming years, the World Bank said in a report released yesterday.
The country’s economy is set to post slower growth of 6.7 percent in 2016 and 6.5 percent in 2017 from 6.9 percent in 2015, as the world’s second-largest economy shifts to a more sustainable growth pattern, the World Bank said in its East Asia and Pacific Economic Update.
The slowdown would ease the growth pace of the East Asia and Pacific region from 6.5 percent in 2015 to 6.3 percent in 2016 and 6.2 percent in 2017, the bank said.
Excluding China, the region’s growth may have a slight acceleration, with the growth rate picking up from 4.7 percent in 2015 to 4.8 percent in 2016 and 4.9 percent in 2017.
“The region has benefited from careful macro-economic policies, including efforts to boost domestic revenue in some commodity-exporting countries,” said Victoria Kwakwa, incoming vice president of World Bank East Asia and Pacific Regional.
The region’s growth is to be led by Southeast Asian economies including the Philippines and Vietnam, the bank said. But it pointed out that the outlook for individual countries varies, depending on their trade and financial relationships with developed economies and China as well as their dependence on commodity exports.
The bank suggests that the Chinese government strengthen discipline in the financial sector and allow credit allocation to be more market-driven. It also supports opening up sectors dominated by state-owned enterprises to greater competition and urges reform of the household-registration system to continue.
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