The World Bank on Thursday released its latest China Economic Update in Beijing, raising its 2025 economic growth forecast for the world's second-largest economy by 0.4 percentage points.
In the report, the World Bank said that China's more proactive fiscal policy and moderately accommodative monetary policy have supported domestic consumption and investment. It also highlighted that China's increasingly diverse export markets have contributed to maintaining the resilience of its exports.
Mara Warwick, World Bank division director for China, Mongolia and Korea, believes that China's growth in the coming years will depend more on domestic demand.
She said that China's more proactive fiscal policy, continuously deepening structural reforms, and more predictable business environment will help boost confidence and lay the foundation for resilient and sustainable growth.
World Bank raises China 2025 growth forecast by 0.4 percentage points
World Bank raises China 2025 growth forecast by 0.4 percentage points
China's Hainan Free Trade Port (FTP) completed the final round of third-party evaluation of its stress test effectiveness on Wednesday, ahead of its island-wide special customs operations next week.
The Hainan FTP will officially launch island-wide special customs operations on Dec 18 this year.
Following the rollout, Hainan will adopt a two-tier customs supervision model: freer access at the first line, regulated access at the second line, and free flow within the island. This system is designed to facilitate trade between Hainan and regions outside China's customs border, while maintaining standard controls for goods entering the mainland.
The evaluation team conducted on-site assessments on Wednesday at the centralized inspection yard for freight at Xinhai Port and South Port in Haikou, the capital of south China's Hainan Province. These are among Hainan's 10 second-line ports set up between the FTP and the mainland.
The tests covered multiple scenarios at second-line ports, including normal customs clearance, security anomalies, and targeted customs checks.
The evaluation, which ran from Dec 2 to 10, focused primarily on the integrated drills and 7×24-hour hot-running operations at second-line ports and non-customs sites, as well as the rectification of problems identified in the previous two rounds of testing.
The evaluation team concluded that previously identified problems had been largely resolved, clearance procedures were smoother and more orderly, and the system could meet the needs of most market entities.
"Integrated drills are comprehensive stress tests carried out based on previous stress testing. They examine coordination among various departments, including customs, public security, and on-site venue staff. Through the evaluation, we found that coordination between departments is smooth, the relevant software and hardware facilities are all in place, and we are fully prepared for the special customs operations," said Jin Lu, staff member of the Stress Testing and Risk Prevention Division of the Office of Deepening Overall Reform at the Hainan Provincial Committee of the Communist Party of China.
Hainan FTP completes third-party evaluation of stress tests
