State think tank predicts slower 6.7pc China growth

China | 28 Mar 2016 5:29 pm

China's economic growth will remain subdued in the first quarter of 2016, expanding by 6.7 percent before gradually stabilizing in the second quarter, a government think tank forecast today.

The predicted growth would be a further slowdown from the 6.8-percent expansion in the previous quarter, due to slower industrial production and investments, and weak consumption and exports, according to a report released by the National Academy of Economic Strategy.

The institution expects consumer prices to grow by 2.2 percent in the first three months.

However, with government pro-growth policies gradually taking effect, it's likely that the economy will remain “on a stable track," the report said.

On the back of stronger fiscal and monetary support, the academy forecast growth in the second quarter would pick up at 6.8 percent.

China's economic growth rate target has been set at between 6.5 percent and 7 percent in 2016, with an average annual growth rate of at least 6.5 percent through 2020.—Xinhua

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