The Chinese economic expansion will slow this year and next, the World Bank research group reports, making its white-hot growth a thing of the past. China may face trouble with wage increases of its middle class and urbanization, if the slowdown is even greater.
World Bank experts wrote:
Developing East Asia will grow by 6.9% this year and next, down from 7.2% in 2013, the report says. In China, growth will ease slightly to 7.4% this year and 7.2% in 2015, as the government seeks to put the economy on a more sustainable path with policies addressing financial vulnerabilities and structural constraints. Excluding China, growth in developing countries in the region is expected to bottom out at 4.8% this year, before rising to 5.3% in 2015, as exports rise and domestic economic reforms advance in the large Southeast Asian economies.
ALSO READ: IMF Talks Down Global GDP Growth Expectations
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