ADB raises China's 2017 growth outlook to 6.7%

The Asian Development Bank (ADB) raised its China’s economic growth outlook for 2017 on the back of strong domestic consumption, an export recovery and solid growth in services, Reuters reports.

ADB now expects China’s economy to grow 6.7% in 2017, up from a previous projection of 6.5% made in April. The 2018 growth forecast was also raised to 6.4% from 6.2% previous.

Yasuyuki Sawada, ADB Chief Economist noted: “The PRC economy remains resilient, solidifying its role as an engine of global growth. Supply-side reform is moving forward, but eventual success hinges on a careful balancing of the role of the market and the state, particularly as the country continues its transition to a more market and services-driven economy.”