‘Be attentive’ to China’s rebalancingPolicymakers in the East Asia and Pacific region should be mindful of China’s bid to make its economy more dependent on consumption instead of debt-led spending, a World Bank economist said on Wednesday. “It will be important for policymakers to be attentive to China’s efforts to rebalance its economy as a related shift will present both new opportunities and challenges,” acting East Asia and Pacific chief economist Andrew Mason told reporters in a briefing. Policy reforms in the service sector are also necessary, Mason said, as it remains “remain very restrictive compared to goods sector”. Gross domestic product (GDP) growth is expected to pick up to 6.5 percent next year. “Continued uncertainty stems from several factors including further deceleration in advanced economies, the possibility of a faster-than-expected slowdown in China, and unresolved trade tensions.

Source: Manila Times April 24, 2019 16:18 UTC