CCTV.com - CNTV English - CCTV News

China 2013 GDP growth forecast at 8.4%

01-28-2013 15:42 BJT

Watch Video

Play Video

By CCTV reporter Qi Tianxing

The Chinese Academy of Sciences released a new forecast on the country’s economy over the weekend, projecting stable growth for 2013. It also says that rising income levels will be the main growth driver this year.

The Chinese Academy of Sciences forecasts that despite the economic challenges at home and abroad, the Chinese economy will keep growing steadily in 2013.

Chen Xikang, Researcher, Chinese Academy of Sciences, said, "We expect that China’s GDP will expand by 8.4 percent year on year in 2013, 0.6 percentage point higher than last year. The growth is not large but is still quite significant."

The forecast says economic growth will present a N-shaped trajectory, climbing quickly in the first half, easing in mid-year, before speeding up again in the fourth quarter.

Analysts point out that one of the major growth engines in 2013 will be the goal of doubling the income of the Chinese people set by the government. To achieve this target, companies must lift their labor productivity.

Cheng Siwei, Academic Committee Director, Center for Forecasting Science, CAS, said, "China has about 200 million employees in its secondary industry, creating a total value of around 18 trillion yuan a year, the per capita value therefore, is 90 thousand yuan. It’s almost the same as unemployment benefits in developed countries."

Analysts from the Chinese Academy of Sciences also stress that the government should pay more attention on the quality of GDP growth rather than the quantity. Overcapacity and too many similar construction projects must be avoided.

 

Editor:Bai Yang |Source: CCTV.com

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program