World Bank economist upbeat about China's growth prospects

BANGKOK -- China's economic growth matters to the regional and global economy against the backdrop of slowing growth of other major economies, World Bank East Asia and Pacific Chief Economist Aaditya Mattoo has said.

China is playing an increasingly important role in regional economic development, Mattoo said in a recent interview with Xinhua.

According to the World Bank's latest East Asia and the Pacific Economic Update report, economic performance across the region, while robust, could be held back this year by slowing global growth, elevated commodity prices and tightening financial conditions due to persistent inflation.

China's outstanding economic performance will help promote regional economic development in this context.

The Washington-based lender expected growth in East Asia and the Pacific region to accelerate to 5.1 percent in 2023 from 3.5 percent in 2022, saying "the higher growth is mostly due to China."

It expected China's growth to reach 5.1 percent in 2023, and the increase in the rest of the region is projected to slow to 4.9 percent in 2023 from 5.8 percent in 2022.

China has contributed to global trade openness, made positive contributions to international trade and global economic growth, and opened its domestic market as it did under the Regional Comprehensive Economic Partnership, setting "an excellent example of how countries have been able to forge the beginning of a meaningful trade relationship," Mattoo said.

In the long term, the economist said he believes China's economic growth is inclusive and stable as it focuses on high-quality development.