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Economic growth in China to hit 8.5%

Economic growth in China to hit 8.5%

China’s economic growth is set to hit 8.5% as the country’s economy begins to recover from the effects of the pandemic.
A new report from the World Bank said improved consumer and business confidence and a stronger employment market conditions is set to increase domestic demand and drive exports.
But it was not all good news, with the World Bank highlighting risks to China including further Covid-19 outbreaks, bilateral tensions with key trading partners, and financial stability risks associated with high corporate leverage and inflated property markets.
The report also highlighted some medium-term challenges, including slowing productivity growth and a reliability on carbon-based industry.
The report recommended the adoption of a more progressive tax system and stronger social safety policies to reduce income inequality, and the transition to low carbon growth.
Responding to the World Bank’s report, Wang Wenbin, spokesperson of China’s Foreign Ministry, said: “China is at a new stage of development. It will promote high quality development and bring more opportunities for investment and growth for global partners.”