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ADB: supply-side reforms needed to lift China growth


03-30-2016 16:49 BJT

The Asian Development Bank cut its forecast for China's GDP to 6.5% in 2016 and expects more easing in 2017. That was part of the ADB Outlook report released Wednesday.  Our reporter Martina Fuchs was on hand for the report's release and joins us now in the studio. Martina, what are the details?

The Asian Development Outlook is the ADB’s flagship annual economic publication and although the report revised down the forecast for China's economy, it broadly sent a cautiously optimistic note on the Chinese economy. The report highlighted that supply-side reforms will be needed to improve the economy's resilience to negative shocks and boost growth. Expansionary fiscal policy is expected to remain in place to improve the negative impact of structural reforms. The ADB also believes that the current account surplus will be maintained in 2016 but slip in 2017. That mainly reflects the changes in commodity prices and lackluster global demand. Also, the government is expected to peg the renminbi to a more diversified basket of currencies going forward to help keep it stable in trade-weighted terms.


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