Multilateral lender says greater detail of policies is needed to bolster household and business confidence
Shanghai: The World Bank has raised its near-term economic forecasts for China while repeating calls for President Xi Jinping to pursue deep reforms to address lagging confidence and structural problems in the world’s second-biggest economy.
The lender also noted recent pledges by Mr Xi’s economic planners to improve support for social welfare and consumption, and also to implement fiscal and tax reforms. But it said greater detail was needed to bolster household and business confidence.
The World Bank also released a new analysis of economic mobility in China for 2010-21, which showed that more than half a billion people were potentially at risk of falling out of the middle class just a generation after rising out of poverty, according to its definitions. “No other region of the world witnessed a faster increase in the share of the secure middle-class population than China,” the World Bank said. “Yet, a sizeable majority of the population is not yet economically secure.”
However, he noted some “hopeful signals” that reforms were in the pipeline, following policymakers’ statements in the second half of 2024 that pointed to improving income distribution and social security.
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