World Bank expects soft landing for China
November 28, 2011 Category Macro-economy, Weekly
China is heading for a soft landing next year although it faces continuing risks from Europe’s sovereign debt crisis and domestic tightening, the World Bank said in a report. In its biannual economic update on East Asia and the Pacific, the World Bank said China’s GDP growth will slow from this year’s 9.1% to 8.4% in 2012. “We believe that while there are issues (in China), they are being managed and the magnitude of those issues does not add up to something that would lead necessarily to a major slowdown as some have talked about,” said Bert Hofman, World Bank Chief Economist for East Asia and the Pacific. The bank also noted that China’s receding inflation since July allows space for an easing monetary policy. The bank projects China’s inflation rate to slow to 4.1% next year “but will remain elevated.” China’s trade growth is also easing as export growth is slower than import growth, resulting in a lower trade surplus at USD13.7 billion in September. China’s rising share in world imports has approached 10% in global GDP.
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