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According to World Bank forecasts, China's economy will strengthen despite the global slowdown, China Daily reports.

Thus, the economy of China will grow by 4.3% this year and by 5% next year. This is the first major forecast made after the country entered a new phase of response to COVID-19.

"Growth in China is projected to strengthen in 2023 as the restrictions associated with the pandemic ease," the World Bank's Global Economic Outlook report says.

The semi-annual report also predicted a slowdown in GDP growth in all major countries and regions except China.

For example, growth in the United States is set to fall to 0.5% in 2023, the weakest outside of an official recession since 1970, the World Bank said.

For the eurozone, GDP growth was revised downward by 1.9%.

Last November, a few weeks before China switched its efforts in the fight against the pandemic from preventing infections to treating severe cases, the International Monetary Fund predicted China's economic growth of 4.4% in 2023.

Chairman of the Banking and Insurance Regulatory Commission of China, Guo Shuqing, said that the country will make its monetary policy more focused and effective in order to contribute to the overall recovery and improvement of its economy.

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Photo: China daily