China's GDP growth to reach 7.2 percent in 2015
Date
3/25/2015 3:38:16 AM
(MENAFN) The Asian Development bank (ADB) said that China's Economy will probably increase by 7.2 percent in 2015 and 7.0 percent in 2016, Xinhua reports.
During the Asian Development Outlook, the Manila-Based Bank (MBB) said that China is on the way to get back its position as the biggest contributor to global economic growth in both 2015 and 2016.
The Chinese government has already announced China's official growth target at 7.0 percent earlier this month during the annual session of the National People's Congress.
The world's second-largest economy's growth stood at 7.4 percent in 2014, its weakest increase since 1990, thus the government is aiming to slow down the growth during 2015.
"In spite of shrinking working-age population and rising labor costs, China's economy can continue to deliver solid growth as long as the government makes steady progress on its reform agenda, which can elevate productivity," said ADB chief economist.
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