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Financial News: World Bank Says China Outlook Faces Risk From

World Bank Says China Outlook Faces Risk From High Corporate Debt, Trade Tension

05/31/2018 - 05:35:00 (RTTNews)

(RTTNews) - The World Bank cautioned that high corporate indebtedness and rising trade tensions are the main risks to China's growth outlook.

In the latest China Economic Update, the World Bank maintained its growth projection for this year at 6.5 percent and 6.3 percent for next year.

Consumption continues to drive China's growth, the lender noted. Moreover, investment growth rebounded from the lows in 2017.

However, the lender said several factors are set to moderate the pace of economic activity, namely, a relatively tighter monetary and fiscal policy mix, more moderate growth in global trade and continuing reforms to address industrial overcapacity and environmental sustainability.

Re-balancing toward more consumption-and-services-led growth is also expected to continue.

The World Bank said high corporate indebtedness remains main domestic challenge, while escalating trade tension is the major external risk.

According to the World Bank, the potential economic impact of announced US trade measures would be manageable in China. Nonetheless, the lender noted that the costs of potential investment restrictions related to the Section 301 investigation could be significant.

Earlier this week, the International Monetary Fund advised China to address the distortions that still beset its economy and affect cross-border trade and investment. The IMF forecast China's GDP to expand 6.6 percent in 2018 and moderate gradually to about 5.5 percent by 2023.

The official Purchasing Managers' survey from the National Bureau of Statistics showed that the manufacturing PMI rose to 51.9 in May from 51.4 in April. The score was forecast to remain unchanged at 51.4.

Likewise, the non-manufacturing PMI improved to 54.9 from 54.8 a month ago.

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