China Needs to ‘Rebalance’ Economy, World Bank Says

Th World Bank announced today that China needs to rebalance its economy in the midst of the global financial crisis by focusing more on services and consumption. Bloomberg reports:

“Additional measures are necessary to make headway with rebalancing the pattern of growth,” the Washington-based lender said today. Steps should include extra spending on health, education and social welfare and raising energy and resource prices, it said.

The World Bank cut its forecast for China’s economic growth next year to 7.5 percent from 9.2 percent in the previous quarterly report after the global financial crisis deepened. More than half of the expansion will come from “government-influenced spending,” after the State Council this month announced measures including infrastructure projects, the report said.

Read the World Bank report here.


Subscribe to CDT


Browsers Unbounded by Lantern

Now, you can combat internet censorship in a new way: by toggling the switch below while browsing China Digital Times, you can provide a secure "bridge" for people who want to freely access information. This open-source project is powered by Lantern, know more about this project.

Google Ads 1

Giving Assistant

Google Ads 2

Anti-censorship Tools

Life Without Walls

Click on the image to download Firefly for circumvention

Open popup

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.