Policy easing and stronger exports have helped economy, but country still faces property crisis and weak demand

The World Bank has lifted its growth forecasts for China’s economy, but called for deeper reforms and warned that the country will continue to face headwinds from a lingering property downturn.

The Washington-based institution said that it expected China’s gross domestic product (GDP) to rise by 4.9% in 2024 as a result of recent policy easing and stronger exports. That is up from June forecasts of 4.8% and is just shy of Beijing’s own 5% growth target.