World Bank upgrades growth forecast to 8.4%

The World Bank yesterday revised upwards its forecast for China's growth this year - from 7.2 percent to 8.4 percent - and projected a slightly faster pace of expansion in the coming year.

The Washington-based bank was the latest major international financial institution to upgrade predictions - a reflection of its confidence in the country's recovery.

But the World Bank sounded a note of caution, pointing out that a sustained recovery will need a shift in the economy to emphasize consumer spending, instead of industry and investment.