Beijing: The World Bank on Friday maintained its growth forecast for China in 2019 at 6.2 per cent, although it lowered the country’s 2020 growth figure to 6.1 per cent and said domestic demand will be key to facing economic uncertainty.
In a report, the institution said Chinese economic growth remained “resilient” with GDP growth at 6.4 per cent year-on-year in the fourth quarter of 2018 and first quarter of 2019, despite “high global uncertainty” due to slowing global growth and rising trade tensions.
The World Bank report showed how domestic demand in China slowed down in the first quarter of 2019, especially in urban areas where caution amid uncertainty has led to a decline in expenditure with respect to income, resulting in an increase in the savings rate, Efe news reported. (IANS)
Also Read: Business News