Report predicts 7.7% growth for China's 2012 GDP

BEIJING, Dec. 5 (Xinhua) -- A government think tank on Wednesday forecast that China's economy would grow 7.7 percent this year before rising to 8.2 percent in 2013.

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, according to a blue paper issued by the Chinese Academy of Social Sciences.

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.

It also expects the GDP to grow 8.2 percent and the CPI to reach 3.0 percent in 2013.

Stabilizing economic growth is the priority of China's macro-regulation for the time being, according to the report, which suggests striking a balance between stabilizing economic growth, economic restructuring and deepening reform.

The paper also forecasts grave challenges for employment. The sluggish world economy in 2012 has reduced overseas demand, hence slower growth in export volumes, which made creating employment more difficult, it says.

Recommended Features: Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance The Vision of A Pillar Industry [Video]A 'Made in China' Story A Splendorous Landscape of China's Wealth A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'？