China expects 8.23% economic growth this year

Last Updated: Saturday, February 23, 2013 - 19:46

Beijing: China is hopeful of reviving its economic growth to 8.23 percent this year from last year's 7.8 percent.

Export growth will accelerate to 12.22 percent this year, up from 7.9 percent in 2012, an official report said.

Import growth will hit 17.83 percent, in comparison to 4.3 percent last year, said a report compiled by Xiamen University and the Economic Information Daily, a subsidiary of the Xinhua News Agency.

Although global monetary easing has piled up inflationary pressure for China, the economy will not see serious price hikes this year, the report said.

The report projected the rate of inflation at 3.11 percent for 2013, up from 2.6 percent last year, state run Xinhua news agency quoted the report as saying.

The report suggested restructuring income distribution as a fundamental government measure to correct the imbalance of the country's economic structure, which is featured by declining ratios of final consumption, especially residential consumption, in gross domestic product.

The report, the 14th of its kind so far, employs a macroeconomic model to calculate and demonstrate economic trends in the country.


First Published: Saturday, February 23, 2013 - 19:46

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