China’s economy would grow by an upbeat 5.3 per cent this year, according to a top government think tank, despite lingering market concerns and increasing caution from international institutions.
The Chinese Academy of Sciences (CAS) expected the world’s second-largest economy to stabilise this year in its annual economic outlook issued on Tuesday, while the World Bank maintained its 4.5 per cent projection in its latest report on the same day.
The CAS, the first state think tank to make economic projections for 2024, said China’s economy would start slow, with a growth rate of 5 per cent for the first quarter, before expanding at a faster pace later in the year.
Gross domestic product (GDP) growth this year would be driven by domestic consumption and investment – by 3.7 percentage points and 1.9 percentage points, respectively – but dragged down 0.3 percentage point by…
