WASHINGTON: The World Bank on Sunday projected a 5.1 per cent growth for the Chinese economy in 2023, according to its newly released East Asia and Pacific Economic Update, reported Xinhua.
“China has remarkable strengths,” Aaditya Mattoo, chief economist for the World Bank’s East Asia and Pacific, said at a press briefing in response to a question from Xinhua.
“It has shown its great depth in manufacturing, but not just in basic manufacturing, (also) the kind of innovative manufacturing to which China is breaking in, the kind of human capacity that’s being created in China,” the economist said.
Mattoo noted that China plans to ensure a better quality of growth and does not just think of how growth can be accelerated in the short term.
SPONSORED CONTENT Daily Express members: Enjoy 1 for 1 signature cocktails and more at Hyatt Centric Kota Kinabalu Kota Kinabalu: DAILY EXPRESS is partnering with Hyatt Centric Kota Kinabalu to offer an exclusive deal for our members. Read more “How much China is going to grow is a less interesting question than how China chooses to grow,” he said. Meanwhile, the investment scale of China’s power industry is expected to exceed 100 trillion yuan (about US$13.93 trillion) by 2060, according to the State Grid Corporation of China, reported Xinhua.
The development of a new power system will promote the expansion of the scale of both the power industry and the power market, according to a book written by the company and published last week.
By the end of 2060, the industry scales of key sectors including energy storage, integrated energy, and energy internet are expected to hit 1 trillion yuan each, according to the book.
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