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China’s economy may expand 6.8 percent in 2017: report

By Li Yan (People's Daily Online)    16:19, October 09, 2017

China’s economic growth will reach 6.8 percent year-on-year in 2017, according to a forecast by a government think tank, the Xinhua-run Economic Information Daily reported.

The economic growth forecast for the third quarter is also 6.8 percent, said the report from the National Academy of Economic Strategy (NAES) of the Chinese Academy of Social Sciences.

The figures accord with the positive outlook of the country’s economy this year. In the first half of 2017, China’s economy expanded 6.9 percent, above the government’s full-year target of around 6.5 percent.

In the third quarter, industrial production was basically stable, with new growth momentum gathering. In the same period, the balance of payments also improved, while the yuan’s exchange rate moved flexibly against the US dollar, the report noted.

The main driving factors for the growth came from deepened supply-side structural reform, a rebound in the housing market, and an increase in exports related to the recovery of the global economy, the report explained.

In the fourth quarter, the economy may face challenges due to downward pressure on property and infrastructure investment growth, the report said, forecasting the quarter’s growth at 6.7 percent.

Meanwhile, the global economy will likely continue to recover and support the increase in exports and private investment is expected to maintain stable growth, the report noted, suggesting that balancing deleveraging efforts and pro-growth measures are two targets in the fourth quarter.

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