The World Bank has raised its forecast for China's GDP growth this year

On December 26th, the latest report of the World Bank shows that China's GDP growth rate is expected to be 4.9% this year, which is 0.1 percentage point higher than the forecast in June. The World Bank released the latest issue of "China Economic Brief: Boosting Demand and Restoring Momentum". The "Brief" believes that despite facing multiple challenges, China's economy still maintained a strong growth rate of 4.8% in the first three quarters of this year. But since the second quarter of 2024, China's economic growth has slowed due to weak domestic demand and the continued downturn in the real estate sector. The government has introduced policy stimulus aimed at balancing short-term domestic demand with long-term financial stability. To complement these stimulus measures, the latest issue of the World Bank's "China Economic Brief: Boosting Demand and Restoring Momentum" recommends that China revive economic growth through structural reforms. " The Brief forecasts that China's economy will grow by 4.9% in 2024 and 4.5% in 2025.