WB expects 7.1% GDP expansion

Latest China snapshot says progress made in structural adjustments toward 'new normal'

The World Bank's latest economic update on China has predicted a slowdown in the country's GDP growth to 7.1 percent in 2015, and 6.9 percent by 2017, but underlines Beijing is making progress with its structural adjustments.

"Slower but more balanced and sustainable growth" would be the "new normal" for the country's economic growth, led by the government's policies to decelerate credit growth, contain shadow banking and limit borrowing by local governments, said its China Economic Update, released on Wednesday.