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Chinese economy to grow by 7.7% this year: CASS

Last Updated: Wednesday, December 5, 2012 - 20:41

Beijing: China's economy will grow by 7.7 percent this year before rising to 8.2 percent in 2013, according to the forecast by a government think tank here.

The growth rate of China's gross domestic product (GDP) decreased to 7.3 percent during the third quarter of this year, and it will only rise to 7. 5 percent in the fourth quarter through more policy incentives, a blue paper issued by the Chinese Academy of Social Sciences (CASS) said.

The paper estimates that the overall GDP growth rate of 2012 will stand at 7.7 percent and the consumer price index (CPI), a major gauge of inflation, will end at 2.7 percent.

China has officially set the target of 7.5 percent GDP for 2012.

CASS also expects the GDP to grow 8.2 percent and the CPI to reach 3.0 percent in 2013, a state run Xinhua report said.

Stabilising economic growth is the priority of China's macro-regulation for the time being, according to the report.


First Published: Wednesday, December 5, 2012 - 20:41
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