China Needs to ‘Rebalance’ Economy, World Bank Says

Th World Bank announced today that needs to rebalance its economy in the midst of the global financial by focusing more on services and . 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 , 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 deepened. More than half of the expansion will come from “government-influenced spending,” after the this month announced measures including infrastructure projects, the report said.

Read the World Bank report here.

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