World Bank forecasts 6.8% GDP growth

China's GDP growth is projected to reach 6.8 percent this year, supported by rising household incomes and improving external demand, the World Bank said in its latest economic update released on Tuesday.

It is the latest forecast upgrade by a major international organization as the world's second-largest economy is set to achieve its growth target of around 6.5 percent for 2017.

China's year-on-year GDP growth averaged a higher-than-expected 6.9 percent in the first three quarters despite its financial regulatory tightening and economic restructuring measures, the report said.