Innovation key to growth model shift in China's economy (4)

Economy to maintain modest growth rate

China’s economy is recovering but the days of torrid growth are gone as it faces mounting pressure to restructure its economy to achieve sustainable long-term growth.

China's manufacturing activity grew in November for the second month in a row, official data showed, in a further sign of strength in the world's second-biggest economy after a marked slowdown.

The purchasing managers' index (PMI) rose to 50.6 percent in November from 50.2 percent in October, above the 50-percent figure that demarcates expansion from contraction, according to data released by the China Federation of Logistics and Purchasing.

Given the recent signs of recovery, many analysts expected the economy to snap out of its longest downward cycle since the global financial crisis, and start to trend upwards in the fourth quarter.

On China’s future growth rate, prominent Chinese economist Cheng Siwei thought that China’s economy will grow about 7 percent in the future, within the range set in the “Twelfth Five-Year Plan (2011-2015)”.

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