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BEIJING, April 11 (Xinhua) -- The World Bank expects the Chinese economy to slow to 6.7 percent in 2016, the bank said in a report on Monday.
The projection1 is on par2 with its last estimate in January. The bank has kept its projection for 2017 at 6.5 percent.
"China's orderly transition to slower but more sustainable growth has continued despite some volatility3 in financial markets," according to the East Asia and Pacific Economic Update, which is published by the bank twice a year.
World Bank projects China economy to grow 6.7 pct this year
The growth deceleration was especially pronounced in the real estate and manufacturing sectors5. Excess capacity has been a drag on a wide range of industries, while service sector4 remains7 robust8, the report noted9.
Despite slower GDP growth, the urban job creation exceeded the annual target in 2015 and the household disposable income grew faster than GDP growth.
"The overall capacity of China's economy to create jobs is extremely high," said Sudhir Shetty, Chief Economist10 of the World Bank's East Asia and Pacific Region at a video conference.
The bank warned that credit growth continues to outpace GDP growth and leverage11 is still building. Monetary12 and fiscal13 policy stances are expected to remain accommodative to limit risks of a rapid growth slowdown that could trigger disorderly adjustments in accumulated imbalances.
The bank also expects growth in East Asia to ease from 6.5 percent in 2015 to 6.3 percent in 2016 and 6.2 percent from 2017 to 2018.
"Developing East Asia and Pacific continues to contribute strongly to global growth. The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions," said Victoria Kwakwa, incoming World Bank East Asia and Pacific Regional Vice6 President.
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1 projection | |
n.发射,计划,突出部分 | |
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2 par | |
n.标准,票面价值,平均数量;adj.票面的,平常的,标准的 | |
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3 volatility | |
n.挥发性,挥发度,轻快,(性格)反复无常 | |
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4 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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5 sectors | |
n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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6 vice | |
n.坏事;恶习;[pl.]台钳,老虎钳;adj.副的 | |
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7 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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8 robust | |
adj.强壮的,强健的,粗野的,需要体力的,浓的 | |
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9 noted | |
adj.著名的,知名的 | |
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10 economist | |
n.经济学家,经济专家,节俭的人 | |
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11 leverage | |
n.力量,影响;杠杆作用,杠杆的力量 | |
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12 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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13 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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