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Think tank: China’s economy to grow about 6.7% in 2016

(People's Daily Online)    14:02, January 06, 2016
Think tank: China’s economy to grow about 6.7% in 2016

China’s economy will maintain stable development with a 6.7 percent GDP growth rate in 2016. This projection was published in a report on Tuesday from the Chinese Academy of Sciences (CAS).

The growth will be 0.2 percent lower than that of 2015. According to the report, China’s economic growth for the first half of the year will be around 6.5 percent, whereas growth during the latter half will be roughly 6.8 percent.

But growth for the whole year will be stable, the think tank predicted.

Consumption will become the largest driving force for GDP growth in 2016 by contributing a 4 percent rise, while investment and net export will contribute 2.6 percent and 0.1 percent respectively, the report noted.

CAS also forecasted that the added value of primary, secondary and tertiary industries will increase 3.6, 5.3 and 8.6 percent respectively.

“It is estimated that the CPI growth, an important gauge of inflation, will be 1.8 percent in 2016, and a rebound will occur in the second half of the year,” read the report.

The report also indicated that China’s housing prices in 2016 will see a steady rise. Total import and export volume is estimated to rise by 2.7 percent.

In 2015, the last year of the Twelfth Five-Year Plan, China changed its growth model and economic structure, driving its economy onto a “new normal” track, which puts more emphasis on economic rebalance than growth. Consumption and service industries occupied bigger shares in the country’s economy.

The CAS Center for Forecasting Science, which formulated the report, serves to advise the central government on major economic and social development issues through scientific research. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Hongyu,Bianji)

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