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| Version 1 | Version 2 |
|---|---|
| World Bank raises China forecast | World Bank raises China forecast |
| (about 1 hour later) | |
| The World Bank has raised its forecast for growth in China this year from 6.5% to 7.2% amid signs that the economy is doing better than expected. | The World Bank has raised its forecast for growth in China this year from 6.5% to 7.2% amid signs that the economy is doing better than expected. |
| Bank analysts say the government's four trillion yuan ($585bn, £358bn) stimulus package has helped the economy. | Bank analysts say the government's four trillion yuan ($585bn, £358bn) stimulus package has helped the economy. |
| But it says the country's exports are still down, as the rest of the world struggles with the global recession. | But it says the country's exports are still down, as the rest of the world struggles with the global recession. |
| The World Bank believes the global economy, excluding China, will shrink by about 3% this year. | The World Bank believes the global economy, excluding China, will shrink by about 3% this year. |
| "Developments in the real economy [in China] have been somewhat better than expected three months ago," says a report published by the bank. | "Developments in the real economy [in China] have been somewhat better than expected three months ago," says a report published by the bank. |
| 'No meaningful increase' | 'No meaningful increase' |
| It predicted in March that the Chinese economy would grow by 6.5% in 2009, several percentage points down on last year's growth. | It predicted in March that the Chinese economy would grow by 6.5% in 2009, several percentage points down on last year's growth. |
| But the government stimulus package, and increased bank lending, has protected the economy from the worst effects of the global recession, leading the bank to raise its growth forecast. | |
| "Growth in China should remain respectable this year and next, although it is too early to say a robust, sustained recovery is on the way," said Ardo Hansson, the bank's leading economist in China. | "Growth in China should remain respectable this year and next, although it is too early to say a robust, sustained recovery is on the way," said Ardo Hansson, the bank's leading economist in China. |
| But it is not all good news. China's export sector has been one of the hardest hit parts of the economy and has still not recovered. | But it is not all good news. China's export sector has been one of the hardest hit parts of the economy and has still not recovered. |
| This has led to millions of migrant workers - farmers who leave their villages to find work in China's factories - losing their jobs. | This has led to millions of migrant workers - farmers who leave their villages to find work in China's factories - losing their jobs. |
| "We have not had a meaningful increase in exports since last year's plunge," said World Bank economist Louis Kuijis, speaking at a press briefing to launch the bank's latest China predictions. | "We have not had a meaningful increase in exports since last year's plunge," said World Bank economist Louis Kuijis, speaking at a press briefing to launch the bank's latest China predictions. |
| Some migrant workers who lost their jobs late last year told the BBC they had still not been able to find new jobs. | Some migrant workers who lost their jobs late last year told the BBC they had still not been able to find new jobs. |