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China GDP to grow at 8% says think-tank
April 27, 2013, 9:09 am


The report says China’s consumer price index would see moderate growth of 3.4 per cent [Xinhua]

According to new research data, China’s GDP is expected to expand by about eight per cent in 2013.

A report by the Chinese Academy of Social Sciences (CASS) says that China’s consumer price index (CPI) would see moderate growth of 3.4 per cent.

The think-tank said in the 2013 Economy Blue Paper released on Friday that China’s economy will maintain a stable growth rate.

The report seeks to downplay concerns for China’s growth amid slow recovery of the world economy and quantitative easing policies adopted by major economies, including the US and Japan.

China has repeatedly expressed concerns about the impact of quantitative easing policies in developed countries.

Apart from a new round of quantitative easing launched by the US Federal Reserve last year, the Japanese yen has depreciated more than 15 per cent against the US dollar over the past two months due to an expansionary policy implemented by Shinzo Abe, Japan’s prime minister.

China’s social fixed-assets investment is expected to exceed $7.3 trillion, a huge growth of 17.9 per cent from 2012. The investment makes up 78.2 per cent of GDP, according to the report.

The country’s imports and exports will reach 1.987 trillion yuan and $2.231 trillion, up 9.3 per cent and 8.9 per cent from 2012, respectively, the paper said.

Trade surplus is estimated at $244 billion, it added.

CASS, described as the top think-tank in Asia by Foreign Policy magazine, is China’s premier academic research organisation and national centre.

With inputs from Xinhua