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China may lower 2013 economic growth target


08:30, December 06, 2012

BEIJING, Dec. 5 (Xinhua) -- China is likely to set a lower economic growth target for 2013 to achieve a smooth change in its growth pattern and minimize future risks amid uncertainties in global economy, according to a newspaper column by a senior economist published on Wednesday.

The Chinese government will make self-motivated efforts to slow down the rapidly expanding economy in the coming year, wrote Yi Xianrong, a finance researcher with government think tank the Chinese Academy of Social Sciences, in Shanghai Securities News.

This will create necessary conditions to upgrade the current growth pattern that relies heavily on real estate and exports, in Yi's view.

He based his argument on the fact that, after years of shining performance, those two sectors are losing luster.

While bubbles in the housing market are posing a threat to the world's second-largest economy, once-fast-increasing exports have showed signs of slowing, dragged down by sluggish overseas demand, Yi wrote.

In the third quarter of 2012, China's economy grew by 7.4 percent year on year, bringing the figure for the first three quarters to 7.7 percent, which is 0.2 percentage points higher than the growth target for the full year, according to the National Bureau of Statistics.

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