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World Bank: China's economy to grow 8.4% in 2013
By Wang Yanlin |
December 19, 2012, Wednesday
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Online Edition
Online Edition
THE World Bank today projected China's economic growth rate at 8.4 percent in 2013 from this year's 7.9 percent, fueled by fiscal stimulus and faster implementation of large investment projects.
Economies of developing East Asia and Pacific remained resilient despite the lackluster performance of the global economy, according to the bank's latest East Asia and Pacific Economic Update.
It forecast the region will grow at 7.5 percent this year but is set to recover to 7.9 percent in 2013.
"China's economy has been slowed by weak exports and the government's efforts to cool down the overheating housing sector, but the recovery has set in the final months of this year," the report said.
"The East Asia and Pacific region is becoming increasingly important for the world economy, and is expected to contribute almost 40 percent of global growth in 2012," said World Bank Chief Economist for East Asia and Pacific Bert Hofman.
The report noted that there are considerable risks that could slow the region's momentum, citing possible delays of reforms in the eurozone, the "fiscal cliff" in the United States, and a possible sharp decline in the growth of investments in China as among the sources of uncertainty.
Economies of developing East Asia and Pacific remained resilient despite the lackluster performance of the global economy, according to the bank's latest East Asia and Pacific Economic Update.
It forecast the region will grow at 7.5 percent this year but is set to recover to 7.9 percent in 2013.
"China's economy has been slowed by weak exports and the government's efforts to cool down the overheating housing sector, but the recovery has set in the final months of this year," the report said.
"The East Asia and Pacific region is becoming increasingly important for the world economy, and is expected to contribute almost 40 percent of global growth in 2012," said World Bank Chief Economist for East Asia and Pacific Bert Hofman.
The report noted that there are considerable risks that could slow the region's momentum, citing possible delays of reforms in the eurozone, the "fiscal cliff" in the United States, and a possible sharp decline in the growth of investments in China as among the sources of uncertainty.
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