(Washington Comprehensive News) The World Bank released the latest report last weekend to reduce China's economic growth forecast next year to 4.4%.Affected by China, the economic growth of East Asia and the Pacific region will also slow down.
World Bank Sunday (October 1) released the semi -annual economic outlook report in East Asia and the Pacific, which reduced the forecast of China's economic growth next year from 4.8%to 4.4%, but maintained its growth forecast for China's growth at 5.1%this year's growth forecast at 5.1%Essence
Affected by China's growth rate, the World Bank has also lowered the forecast of economic growth for East Asia and the Pacific region this year and next.Forecasts decreased from 4.8%to 4.5%.
Thereport pointed out that China's development is important to the entire region. Every time China's economic growth decreases by a percentage point, regional growth will decrease by 0.3 percentage points.
For the reasons for the slowdown in China's growth, the report analysis, China's past economic growth was mainly driven by infrastructure and real estate investment.Debt burden.
TheReport also said that the external environment facing China is also more challenging.Weak external demand affects China's economic growth in the short term, and the tension of geopolitical economy also limits China's key technologies.
The Financial Times also reported on Monday (2nd) of the World Bank, but it is even more pessimistic about the economic prospects of China and the Asia -Pacific region.
It is reported that the world's banks' pessimistic predictions in 2024 highlight people's concerns about the slowdown in the Chinese economy spread to Asia, and said that "Asia has faced one of the worst economic prospects in half a century."
The report quotes the World Bank's East Asia and Pacific Chief Economist Aaditya Mattoo. People originally expected that after the strict epidemic control, China ’s rebound will be more durable and significant than its present display.Essence
Matu also warns that if governments, including China, do not start a deeper service industry reform, slower growth will continue.
However, the World Bank East Asia and Pacific Vice President Manula v. Ferro said in a press release on the same day of the World Bank that East Asia and the Pacific are still the world's fastest and most vibrant.One of the areas.
Filo also emphasizes the importance of reform.She said: "From the perspective of mid -term, it is necessary to reform high growth to maintain industrial competitiveness, realize the diversification of trading partners, and release the potential of the service industry to improve productivity and create employment."