According to reports from the World Bank and US-based China Beige Book, China’s economic growth is expected to slow down in the next quarter amidst strict credit controls and sluggish consumption during recovery, reported the South China Morning Post.
On Tuesday, the World Bank forecasted China’s economic growth at 8.5% for this year and 5.4% next year due to falling fiscal and monetary support as well as increased emphasis on prudent measures including property.
Although China reached its lowest economic growth rate in 2020 of 2.3%, it was the only major economy globally to record positive growth during the pandemic year. In 2019, economic growth was 6.1%.