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World Bank: Nation to grow 6.7% this year

The World Bank expects China's economic growth to slow to 6.7 percent in 2016, the bank said in a report on Monday. The projection is on par with its last estimate in January. The bank has kept its projection for 2017 at 6.5 percent. "China's orderly transition to slower but more sustainable growth has continued despite some volatility in financial markets," according to the East Asia and Pacific Economic Update, which is published by the bank twice a year. The growth deceleration was especially pronounced in the real estate and manufacturing sectors. Excess capacity has been a drag on a wide range of industries, while service sector remains robust, the report noted.