The World Bank now expects the Chinese economy to grow more rapidly this year and next than it thought previously, owing to better economic conditions abroad and strong domestic demand, the China Daily reports.
The Chinese state-run newspaper, citing the latest World Bank report on East Asian and Pacific economies, says the bank now forecasts that Chinese gross domestic product will grow by 6.7 percent this year, having forecast in April that it would grow by 6.5 percent.
The World Bank forecasts that GDP will grow by 6.4 percent next year, having forecast in April that it would grow by 6.3 percent.
The World Bank expects growth to moderate next year and the year after as domestic consumption makes a greater contribution to the economy and the relative importance of investment and external demand diminishes.
The annual rate of growth in the Chinese economy was 6.9 percent in the first half of this year, the China Daily says.
