ADB: China's economy to stay resilient

The Asian Development Bank said on Wednesday it expects China's economy to remain resilient and sustainable over the medium to long term.

In the short term, however, the Chinese economy and other economies are facing headwinds. The ADB's updated projections show China's GDP growing 3.3 percent this year while overall developing Asia's GDP is expected to grow 4.3 percent, he said.

Looking ahead to the fourth quarter, China's exports may weaken, the impact of COVID-19 on the economy will remain, and the recovery of domestic demand will rely on continuous strengthening of policies to stabilize growth and continuous optimization of pandemic control policies, said the Bank of China Research Institute in a report published on Wednesday.

China's GDP growth is expected to reach around 5 percent in the fourth quarter and around 3.5 percent this year.

The focus of policies is on stabilizing domestic demand and expectations. China should strike a balance between demand for stabilizing growth and fiscal sustainability. The government should also keep increasing capital utilization efficiency, and strengthen the functions of structural monetary policy instruments, the report stated.