{"id":1144022,"date":"2021-12-22T21:50:10","date_gmt":"2021-12-23T02:50:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1144022"},"modified":"2021-12-22T21:50:12","modified_gmt":"2021-12-23T02:50:12","slug":"world-bank-slashes-china-economic-growth-forecasts-suggests-new-free-market-reforms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/world-bank-slashes-china-economic-growth-forecasts-suggests-new-free-market-reforms\/","title":{"rendered":"World Bank Slashes China Economic Growth Forecasts, Suggests New Free Market Reforms"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fworld-bank-slashes-china-economic-growth-forecasts-suggests-new-free-market-reforms%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1144022&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The World Bank decreased its growth forecasts for China\u2019s economy.<\/p>\n<p>In its most recent <a href=\"https:\/\/www.worldbank.org\/en\/country\/china\/publication\/china-economic-update-december-2021\">China Economic Update<\/a>, the international financial institution predicted that China\u2019s economy will expand by 8% in 2021 before slowing to 5.1% in 2022. However, the World Bank previously <a href=\"https:\/\/www.cnn.com\/2021\/12\/22\/business\/world-bank-cuts-china-forecast-intl-hnk\/index.html\">said<\/a> that the Chinese economy would expand by 8.1% in 2021 and 5.4% in 2022; the new forecasts would constitute China\u2019s second-slowest growth rate since the Tiananmen Square massacre in 1989.<\/p>\n<p>The World Bank explained:<\/p>\n<p>Downside risks to China\u2019s economic outlook have increased. Renewed domestic COVID-19 outbreaks, including the new Omicron variant, could lead to larger disruptions in economic activity. A severe and prolonged downturn in the highly leveraged property sector poses another downside risk which could have significant economy-wide impacts\u2026<\/p>\n<p>In the short term, ongoing efforts to address excessive leverage in the corporate sector should be maintained. The authorities should stand ready to provide policy easing, should domestic demand remain sluggish amid the lingering pandemic and the ongoing adjustment in the real estate sector, without abandoning their efforts to contain a further build-up of financial sector risks.<\/p>\n<p>Over the medium term, China faces a difficult rebalancing act as it aims to transition to high-quality growth. The pandemic and subsequent recovery have worsened domestic and external economic imbalances. Furthermore, the traditional playbook of boosting growth through infrastructure and real estate investment has run its course.<\/p>\n<p>The World Bank suggests \u201cshifting the attention to remaining barriers to market competition\u201d and \u201cstrengthening corporate and bank resolution frameworks\u201d to spur new economic growth.<\/p>\n<p>As The Daily Wire has previously reported, American businesses routinely seek to benefit from China\u2019s large and rapidly growing consumer economy \u2014 even if it means acquiescing to the Chinese Communist Party\u2019s narratives.<\/p>\n<p>Last month, JPMorgan Chase CEO Jamie Dimon <a href=\"https:\/\/www.dailywire.com\/news\/jpmorgan-ceo-apologizes-after-mild-joke-about-chinese-communist-party\">apologized<\/a> for making a joke about the regime. After saying that his company will outlast the Chinese Communist Party \u2014 both of which are experiencing their centennial anniversary \u2014 Dimon apologized, explaining that it is \u201cnever right to joke about or denigrate any group of people, whether it\u2019s a country, its leadership, or any part of a society and culture.\u201d A spokesman for the Chinese government thanked Dimon and said that he had the \u201cright attitude\u201d in issuing the apology.<\/p>\n<p>A report released earlier this month explained that Apple CEO Tim Cook secretly <a href=\"https:\/\/www.dailywire.com\/news\/apple-ceo-signed-secret-agreement-with-china-promising-to-help-them-report-says\">approved<\/a> a $275 billion agreement with the Chinese government in 2016 \u2014 in which he promised that Apple would aid China\u2019s technology industry with investments and worker training. The company\u2019s iPhone is now the best selling smartphone in China.<\/p>\n<p>More recently, the National Football League \u2014 which is seeking to expand internationally \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/nfl-caves-to-communist-china-as-it-releases-map-falsely-claiming-that-taiwan-belongs-to-china\">released<\/a> a map depicting Taiwan as part of China. Sen. Ted Cruz (R-TX) called the move \u201cdisgraceful cowardice\u201d and blasted the NFL for \u201cchasing dollars from the Chinese Communist Party.\u201d<\/p>\n<p>Earlier this week, Harvard University chemistry and engineering professor Charles Lieber was found guilty of <a href=\"https:\/\/www.dailywire.com\/news\/harvard-chemistry-professor-with-wuhan-links-found-guilty-of-lying-about-receiving-cash-from-china\">lying<\/a> about his ties to the Chinese government. Lieber participated in a Chinese-run program that lures American scientists to advance the communist nation\u2019s scientific development.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank decreased its growth forecasts for China\u2019s economy. In its most recent China Economic Update, the international financial institution predicted that China\u2019s economy will expand by 8% in 2021 before slowing to 5.1% in 2022. However, the World Bank previously said that the Chinese economy would expand by 8.1% in 2021 and 5.4% &#8230;<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1144022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1144022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1144022"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1144022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1144022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1144022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1144022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}