China's economy is expected to maintain its recovery over the rest of 2021, bolstered by the country's strong exports, according to the latest report from the Asian Development Bank (ADB).
China's Gross Domestic Product is projected to grow 8.1 percent in 2021 and 5.5 percent in 2022, with both figures remaining unchanged from ADB's April projections, according to the Asian Development Outlook 2021 Update.
Net exports will contribute more to China's economic growth in 2021 than the bank had previously expected, said Dominik Peschel, head of economics unit of ADB.
Peschel also said that consumption would continue to be the main growth driver for China's economic growth in 2021 and 2022.
The bank also lowered its inflation forecast for 2021 to 1.3 percent, and said that the country's consumer price inflation will stay well below its 2020 level.