DHAKA: The World Bank has raised its growth forecast for China, saying stimulus measures and approval of infrastructure projects will help boost growth.
It added that the pick-up in factory output and investment ‘suggested that China’s economy was bottoming out’.
The bank said it now expects China’s economy to grow by 8.4% in 2013, up from its earlier projection of 8.1%.
A slowdown in China’s growth in recent months had prompted policymakers to announce various stimulus measures.
These include two interest rate cuts since June, and the approval of infrastructure projects worth more than $150bn.
China’s central bank, the People’s Bank of China, has also lowered the amount of money that banks need to keep in reserve three times in the past few months in an attempt to boost lending.
‘The impact of easing credit conditions and public investment in infrastructure is beginning to show,’ the bank said in its report.
‘The impact is expected to continue to be felt into 2013, as the authorities have accelerated the approval of large projects.’
BDST: 1450 HRS, DEC 19, 2012
Edited by Robab Rosan, Cultural Affairs Editor, firstname.lastname@example.org
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