Official announcements from the Chinese government and economic policy reports

World Bank Raises China's GDP Growth Forecast to 4.9% for 2024 and 4.5% for 2025, Urges Structural Reforms

Dec 26, 2024, 08:50 AM

The World Bank has raised its forecast for China's economic growth to 4.9% for 2024 and 4.5% for 2025, reflecting recent policy easing and strong near-term exports. These projections are slightly higher than the previous forecasts of 4.8% and 4.1% for 2024 and 2025, respectively. The World Bank advises China to implement structural reforms to revitalize economic growth. Meanwhile, China's National Bureau of Statistics revised its 2023 GDP to 129.4 trillion yuan ($18 trillion), an increase of 3.4 trillion yuan or 2.7% from the preliminary estimate. This revision, however, is expected to have little impact on the 2024 GDP growth rate. To stimulate growth, Chinese authorities plan to issue 3 trillion yuan ($411 billion) in special treasury bonds in 2025. The World Bank also noted that challenges in the property sector and low confidence among households and businesses will continue to weigh on China's economy, with a recovery in the property sector not anticipated until late 2025.