China
Sectoral rebalancing in China became more
pronounced in 2015. It was accompanied by bouts
of volatility in financial markets and additional
government stimulus measures. Growth in 2015 is
estimated at 6.9 percent, down from 7.3 percent
the previous year. The deceleration reflects an
ongoing correction in the property sector,
weakness in industrial activity, and slower growth
in non-traditional credit. The robust expansion of
consumer spending and services has helped boost
the economy, and is in line with the rebalancing
sought by policymakers. Even so, forecasts for
2016-17 have been downgraded, with growth
expected to reach 6.5 percent by 2017.