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China 2013 GDP growth forecast at 8.4%

01-28-2013 15:42 BJT

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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

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