The World Bank to increase China's growth forecast to 8.4%

Xinhua Beijing, November 4, the World Bank 4th released the latest "China Economic Quarterly" analysis report, China's 2009 economic growth forecast from 7.2% to 8.4%.　　It is also pointed out that China's stimulus package is more effective than expected.　　The World Bank is also expected to increase the 2009 growth rate of East Asian developing countries to 6.7%, 1.3% higher than originally predicted, thanks to the strong performance of the Chinese economy, BBC Chinese News reported.　　But the World Bank also warns that the effect of China's stimulus package will weaken sharply next year, and that lower prices in both domestic and foreign markets will put pressure on Chinese manufacturing.　　The World Bank reports that China's economy cannot sustain its economic growth by shifting its main drivers of economic growth to domestic consumption, which cannot be sustained by investment and exports. Kuijs, the World Bank's chief China economist, said the Chinese economy had not been hit by the global financial crisis and that it was now concentrating on balancing the Chinese economy and boosting domestic growth. "It means shifting policy focus from investment and industry to consumption and services," he said. "The financial crisis has swept the world since last year, and experts generally believe the economic crisis is the worst since the Great Depression of the 1929."　　However, with China's 4 trillion yuan stimulus package, China's economic growth this year continued to rise, the third quarter to 8.9%, to achieve the annual "Eight" goal has become a foregone conclusion. Economists generally expect China to be the world's first economy to recover from the financial crisis.