The World Bank has significantly revised up its forecast for China's economic growth, predicting a 4.9 percent expansion this year and 4.5 percent next year, while emphasizing the necessity of ramping up structural reforms to reinvigorate growth.
In its latest China Economic Update released on Thursday, the World Bank said the projections were revised up by 0.1 and 0.4 percentage points, respectively, compared to the June publication.
It said despite multiple challenges, China still achieved 4.8-percent growth in the first three quarters this year. But the economy has slowed since the second quarter due to weak domestic demand and a sluggish property sector.
The institution suggests China revitalize its economy through structural reforms. It also suggests boosting liquidity to unleash demand, and says that strengthening the social safety net and relieving local governments' fiscal stress are vital for economic recovery.
World Bank boosts China's economic growth forecast to 4.9 pct this year
The second black box has been found at the plane crash site near Aktau and handed over to the investigation department, according to a Kazakh official from transport department on Thursday.
The Embraer 190 aircraft operated by Azerbaijan Airlines flight J2-8243 from Baku to Grozny crashed near Aktau Airport in Kazakhstan on Wednesday.
Of all the 67 people on board, 38 were killed in the crash, and 29 survivors including two children were pulled from the wreckage, Kazakh authorities said on Wednesday.
According to the official, interviews have been carried out with victims, ground service workers and all witnesses to this incident. Radio communication recordings between the crew and dispatchers have been retrieved, and the investigation of the crash site, covering more than 4,000 square meters, is underway.
Kazakhstan's Deputy Prime Minister Kanat Bozumbayev said on Thursday during a press conference that the cause of the plane crash remains unknown and is still under investigation.
Bozumbayev said that Kazakhstan is in contact with the relevant departments from Azerbaijan. He said Kazakhstan does not have an official version of the accident, and neither Russia nor Azerbaijan has provided one.
Second black box found at plane crash site near Aktau: Kazakh official
