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Financial News: China's Growth To Decelerate On Policy Tightening, Says

China's Growth To Decelerate On Policy Tightening, Says World Bank

12/19/2017 - 03:41:00 (RTTNews)

(RTTNews) - China's economic growth is forecast to decelerate next two years mainly because of domestic policy tightening, the World Bank said in its China Economic Update, released Tuesday.

The Washington-based lender said the economy remained strong this year, underpinned by rising household incomes and improving external demand. The growth projection for 2017 was lifted to 6.8 percent from 6.7 percent.

Business sentiment strengthened, job creation remained buoyant, capital outflows stabilized and the currency appreciated against the US dollar, the Update said.

However, the lender forecast growth to ease to 6.4 percent next year and 6.3 percent in 2019. The projections were left unrevised from its previous forecast published in October.

According to World Bank, prudent monetary policy, stricter financial sector regulation, and the government's continuing efforts to restructure the economy and to reign in the pace of leveraging are expected to contribute to the growth moderation.

Reducing fiscal and financial vulnerabilities is likely to come at the cost of slower GDP growth in the near term but will improve China's long-term economic prospects, the bank said.

The agency noted that favorable economic conditions make this a particularly opportune time to further reduce macroeconomic vulnerabilities and pursue reforms that target 'better quality, more efficient, fairer, and more sustainable development,' as emphasized by President Xi during the 19th Party Congress in October.

The agency observed that the main challenge for China is the transition to more equitable and sustainable growth.

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