Rebalancing ActFrom Recovery to High-Quality GrowthSpecial Topic-China's Services Trade PerformanceStrong Growth but Unrealized PotentialIWORLDBANKGROUPChina Economic Update-December2021
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AcknowledgementsThe December 2021 issue of the China Economic Update was prepared by a team comprising IbrahimChowahury (Task Team Leader), Ekaterine Vashakmadze, Yusha Li, Pierre Save, Martin MolinuevoKatherine Stapleton, Abayomi Alawode, Yi Yan, Justin Damien Guenette, Franz Ulrich Ruch KarenMuramatsu Alexandrea Schwind, Jun Ge, Qinxuan Zhang, Maria Ana Lugo, Dewen Wang, Lydia Kim,RuslanG Yemtso, an Gilson Marcin P atkcowsai, Wernting Wei, ang Ffuang, Yuan Xia, and lunchengZhou The team is grateful to Barbara Y uill for editing the report. Guidance and thoughtful comments fromMartin Raiser.Aaditva Mattoo.Hassan ZamanSebastianErgys Islamaj andgratefullyacknowledged. The teamTionchuChenLiLiYingYuAdissemination of this report. Thefndings, interpretations, and conclusions expressed in this report do not necessarly reflect the viewsoftheExecutive Directors of the World Bank or the Chinese government Questions and feedback can beaddressed to Tianshu Chen (tchen @ worldbank. org
omic Update-December2021Table of ContentsRecentEconomicDevelopmn............................obal growth has peaked.China's recovery slowed after the cyclical upturmrts partly offset weak domestic demandccount surplus contributed to RMB stren....ket and recovering incomes..moderate amid surging PPI prices,vernment held back fiscal spending,...................adjiustment in the real estate sectorfersurginginearly2021.a hich -mualitv orowth a difficult re-balancing act.erformance:StrongGrowthbut UnrealizedPotentia Sevice op Chinese mpoy...
