China’s services sector will account for more than half the country’s economic growth by 2017, according to the World Bank, which expects the country’s transition from an industrial powerhouse to a consumption-based economy to be “orderly”.
In a report released on Wednesday, the bank said gross domestic product growth would continue to slow during the transition. Last year GDP grew 7.4 per cent, the slowest rate of expansion since 1990. The World Bank forecasts growth of 7.1 per cent this year and said growth was likely to slip to 6.9 per cent by 2017.
It described this cooling as desirable and orderly, as Beijing looks to find a more sustainable footing after years of credit and shadow banking-fuelled growth.
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