China’s trade surplus is beginning to rise again and the government has made only “limited progress” in rebalancing its economy towards domestic consumption, the World Bank said on Wednesday.
The bank also upgraded its forecast for growth this year by half a percentage point to 10 per cent, but said interest rates needed to rise further if inflationary expectations were to be kept in check.
The bank’s quarterly report on China was largely upbeat on the short-term prospects for the economy, despite recent fears of a hard landing.
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