The World Bank raised its forecast for China's economic growth this year to 8.5%, saying progress in coronavirus vaccinations is required for a full recovery.

The World Bank said China's economic growth is likely to decline to 5.4% next year as recovery from last year's historic global recession fades and activity returns to normal.

The WB forecast was raised from an April report that said China and Vietnam were the only East Asian countries to achieve a V-shaped recovery in 2020 with production that again exceeded pre-coronavirus levels.

China is set to vaccinate 40% of its population by early summer.