CHINA China's recovery broadens

CHINA

China's recovery broadens

Xinhua

08:27, June 30, 2021

A staff member works at a workshop of microwave oven factory of Midea Group, a Chinese home appliance giant, in Foshan City, south China's Guangdong Province, April 1, 2021. (Photo: Xinhua)

China's recovery has broadened as its economic activities have continued to normalize under the country's effective suppression of COVID-19, the latest report published by the World Bank (WB) said on Tuesday.

The WB forecast China's economic growth will be at 8.5 percent in 2021.

Supported by the ongoing labor market recovery and improved consumer confidence, the WB projected that consumption growth in China would gradually return to its pre-epidemic trend.

On the supply side, China's industrial production growth has stayed above the trend considering its robust manufacturing activities, said the WB.

The WB forecasts that China's trade surplus would gradually decline in 2021, with the current account surplus narrowing to 1.4 percent of its gross domestic product this year.

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