World Bank raises China growth outlook to 8.5%

BEIJING (AP), The World Bank has raised its projection of China's economic growth to 8.5%, from 8.1% last year. It also stated Tuesday that progress in vaccines against coronavirus vaccinations is necessary for a complete recovery.This report is positive news for China, which was the first major economy to recover from the pandemic. Although factory and consumer activity are now back at pre-outbreak levels the authorities have reinstated travel restrictions in certain areas to prevent new strains of the virus from spreading.According to the World Bank, China's economic growth will likely fall to 5.4% in the next year as activity recovers from the last years global slump.The forecast was an increase on a April report that stated that only China and Vietnam would experience a v-shaped recovery in 2020, with output returning to pre-coronavirus levels.China is on track for vaccinating 40% of its population by the beginning of summer. However, "a complete recovery will also require continued efforts toward achieving widespread immunization," said the World Bank.