Latest News:  


China predicted to keep 8% growth in 2013


08:39, January 21, 2013

China’s GDP grew 7.8% in 2012, that’s 0.3% higher than the original target. And the consensus among economists is that despite challenges ahead, the Chinese economy is likely to grow at its potential level of around 8% for 2013. 

It’s China’s worst annual performance in 13 years as growth for the whole of 2012 came in at 7.8%.

But considering the various headwinds the country faced home and abroad, it is already a surprise on the upside.

Ma Jiantang, Director of National Bureau of Statistics, said, "There are still imbalances within the Chinese economy needing to be addressed. However, from a long-term point of view, the factors that had been driving the growth of the economy haven’t changed. So despite challenges ahead, we also have conditions working in our favor."

And one of the favorable conditions is ever growing domestic consumption. According to the NBS, final consumption accounted for 51.8% of China’s GDP in 2012. Experts say, consumption will remain a key driver behind China’s economic growth in the following year.

Zhengt Xinli, Deputy Director of Economic Committee of CPPCC, said, "There’s still a lot of potential left in boosting consumption. Through adjusting the structure of income distribution, encouraging residents to spend, and increasing spending on public services, it’s likely to see another 10% increase in consumption."

Government investment has been the shining knight in white armor whenever the economy struggles, but experts suggest to realize a long term and sustainable growth, the economy needs a more diverse range of nutrients.

Qu HongBin, Chief Economist, HSBC for Greater China, said, "Besides more consistent public investment to improve people’s living standards, there should also be more channels opened up for private capital investment from people."

As economic conditions in some of China’s biggest export markets such as the US, eurozone and Japan continue to remain fragile, experts say, China will have to look within for answers to keep its economy humming.

We recommend:

Online turnover surpasses 1 trillion yuan in 2012

Jack Ma to step down as Alibaba CEO

FDI sees 1st decrease in 9 years amid slowdown

China helps drive Rolls to record year

Top Ten Economic Events in 2012

CIC seeks balanced portfolio


Leave your comment0 comments

  1. Name


Selections for you

  1. Mumbai in lens

  2. Carnival-related products sell like hot cakes in Brazil

  3. Curd eating competition held in India

  4. Photos: Chinese Style in 2012

  5. They made 2012 warm and beautiful

  6. Hangzhou Lingyin Temple distributes porridge, causing disorder

  7. Miss Chinese Africa beauty contest

  8. Scenery of Wuyuan at dawn after rainfall

  9. Sales boosting measures taken for Chinese Spring Festival

  10. Cute animals enjoy thier toys

Most Popular


  1. Labor shortage hits cities as holiday nears
  2. Reaching out to sympathetic Japanese
  3. The fall and rise of James Bond
  4. Intervention in Mali
  5. Proposal to help Chinese 'gay wives' stirs debate
  6. Tax wrong weapon to combat home prices
  7. What you may not know about studying abroad
  8. Encircling China just Japan's wishful thinking
  9. Editorial: Prudence in urbanization
  10. Japan PM Abe's regional trip 'targets China'

What’s happening in China

'Collective children's weddings' held in kindergarten

  1. Highly educated cleaners start jobs in Harbin
  2. Statistician suggests "scientific" population policy
  3. 11 injured in N China fireworks store explosion
  4. Railway police nab 5,144 drug smugglers
  5. Seven dead in Foxconn bus accident