The World Bank lowered its growth forecast for China's economy to 7.1% in 2015

Almaty. April 14. Silkroadnews - World Bank (WB) cut its forecast for growth of China's economy in 2015 and 2016 to 7.1% and 7%, respectively, reported the news agency Xinhua.
In 2014, the growth rate of China's economy was slowed to 7.4%, which is 2.3% lower than the average recorded over the past 30 years. Against this backdrop, the World Bank has once again lowered its growth forecast for China's economy. In April last year, the World Bank predicted a 7.5% growth in the Chinese economy in 2015, then in October of the same year, this figure was dropped to 7.2%.
The report of the government this year, indicated the main indicators of socio-economic development of China in 2015. GDP is expected to grow "by about 7%".
The report also emphasized that now the growth of economy is more due to the consumption, rather than investments. The main challenges faced by China, are associated with the implementation of reforms that will help to ensure long-term sustainable development of the national economy. According to the report, China needs to focus on maintaining a work on reorganization of the structure of the economy.