WASHINGTON (Sputnik) — The World Bank expects the Chinese economy to continue slowing down gradually in the upcoming years, with the country’s growth standing at 6.5 percent in 2017, according to a report issued by the organization.
"It [the East Asia and Pacific Economic Update] forecasts China’s growth rate to be 6.5 percent in 2017 and 6.3 percent in 2018, compared with 6.7 percent in 2016," the report said on Wednesday.
The World Bank explained that the Chinese economy will continue to slow down gradually since it is in the process of rebalancing toward consumption and services.
The report also stated growth will pick up slightly for the rest of East Asia and Pacific region, reaching 5 percent in 2017 and 5.1 percent in 2018 from 4.9 percent in 2016.
