World Bank expects China's economy to grow by 9.25%

World Bank expects China’s economy to grow by 9.25%

The World Bank said in its report, China's economy will expand by 9.25% this year and it will slow down to around 8% in 2005. Economic growth is expected to reach 7% for East Asia and Pacific, excluding Japan, while developing economies in the region are expected to grow by more than 8%. The World Bank praised China's interest rate hike on October 28, saying that this move indicates that the authorities would be ready to use the interest rate instrument following administrative measures which aimed to limit investments in overheated sectors. Based on the report, exports from the region showed their strongest performance since 1988, driven by demand from China, the global recovery, a rebound in the global high-tech industry and strong commodity prices. The strong performance has suspended 40 million East Asians out of poverty level, particularly in China, Indonesia, Thailand and Vietnam this year.