World Bank cuts China's economic forecast this year
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At the same time, the World Bank has also lowered the economic growth of East Asian developing countries this year and next year from 7.8% and 7.6% predicted in April to 7.1% and 7.2% respectively. The reason is that growth in China and other countries in the region has slowed. The World Bank said that after experiencing a large-scale investment stimulus plan supported by credit expansion, Chinese policymakers must focus on curbing excessive credit growth and tightening financial regulation.
The World Bank expressed a certain degree of concern about China's local government debt, especially considering the complexity of the issue and the opacity of local government finances. The bank suggested: “The clear borrowing rules should be adopted for the permitted sources of borrowing, debt liquidation, and full fiscal account announcements by local governments.â€
At the same time, the report also said: "The rapid expansion of shadow banking also poses a serious challenge, because shadow banking is closely related to the entire banking system, but it is less regulated and contains implicit guarantees from banks and local governments." However, the World Bank also said that for local government debt problems, China has a large amount of assets to pay debts because the government's land reserve value reaches 10% of gross domestic product (GDP). "The Chinese economy still needs to resolutely shift to consumption-driven growth." The World Bank said.
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