Xinhua, Manila :
China’s economy is projected to meet the Asian Development Bank’s (ADB) previous forecasts of 6.6 percent in 2018 and 6.4 percent in 2019, as the result of the solid growth of retail sales and investment in manufacturing, said a new ADB report released on Thursday.
In its Asian Development Outlook (ADO) 2018 report supplement, ADB said China’s gross domestic product (GDP), the world’s second-largest, expanded by 6.8 percent in the first half of 2018, supported by strong private consumption and robust investment in real estate and manufacturing.
The Manila-based bank said, China is still expected to grow by 6.6 percent in 2018 before moderating to 6.4 percent in 2019, which is the same as the prediction in April.
The main reasons why China’s economy meets the earlier prediction are domestic demand and industrial growth, according to ADB.
“Nominal growth in retail sales was solid, bolstered by buoyant consumer confidence, higher disposable income, and a tight labor market,” the updated report said, “Healthy domestic demand prompted imports to rise faster than exports.”
China’s economy is projected to meet the Asian Development Bank’s (ADB) previous forecasts of 6.6 percent in 2018 and 6.4 percent in 2019, as the result of the solid growth of retail sales and investment in manufacturing, said a new ADB report released on Thursday.
In its Asian Development Outlook (ADO) 2018 report supplement, ADB said China’s gross domestic product (GDP), the world’s second-largest, expanded by 6.8 percent in the first half of 2018, supported by strong private consumption and robust investment in real estate and manufacturing.
The Manila-based bank said, China is still expected to grow by 6.6 percent in 2018 before moderating to 6.4 percent in 2019, which is the same as the prediction in April.
The main reasons why China’s economy meets the earlier prediction are domestic demand and industrial growth, according to ADB.
“Nominal growth in retail sales was solid, bolstered by buoyant consumer confidence, higher disposable income, and a tight labor market,” the updated report said, “Healthy domestic demand prompted imports to rise faster than exports.”
