Asian Development Bank expects China’s economic growth to expand by 6.7%

Almaty. September 27. Silkroadnews – The Asian Development Bank expects the growth of the Chinese economy at 6.7%, China News reported.
“Asian Development Bank (ADB) raised China’s growth forecast in 2017 and 2018, supported by strong service sector, fiscal expansion and export recovery. The bank now expects China’s economy to expand by 6.7 percent in 2017, up from a previous projection of 6.5 percent in April. Growth in 2018 is expected to reach 6.4 percent compared to 6.2 percent in previous forecast,” the report said.
According to Juergen Conrad, the head of the economics department at the ADB office in China, in the second quarter of 2017 there are some promising signs appeared, such as recovery of exports, which were not expected in April. According to him, these positive signs will continue to support growth in the coming months. He noted though that it is necessary to make a lot of efforts to support structural reforms, as growth of lending can lead to a risk for the economy in the long term.
Mr. Conrad also specified, the PRC government is doing a good job trying to contain risks in the financial sector, and these efforts have been recognized by rating companies that have recently downgraded China’s rating.