A cooling Chinese economy will weigh on growth in east Asia this year, but Beijing still has plenty of fiscal resources to help engineer a soft landing and should consider tax cuts and higher welfare spending, according to the World Bank.
In its twice-yearly update on developments in the region, the World Bank said Chinese gross domestic product was expected to expand 8.2 per cent in 2012 – down from its previous forecast of 8.4 per cent – before recovering to 8.6 per cent in 2013.
The update said that China’s lower growth could be seen as a welcome retreat from unsustainable levels, but noted concerns that the slowdown could be too rapid.
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