China growth stable after record uptick

Business | 24 Jun 2021 7:01 pm

China’s economy may have peaked after five quarters of recovery in the post-coronavirus period, a private bank said.

Private bank and wealth management firm UPB, said China is at a more advanced stage of the economic recovery cycle. It forecast that GDP will climb up to 8.6 percent in 2021, but will drop to 5.5 percent in 2022.

Carlos Casanova, the senior economist, said domestic demand will take over for the next leg of China’s cycle.

Growth has stabilized from a record expansion in the first quarter of 2021.

China is using the additional tailwind to forge ahead with reforms, he said.



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