Chinese economy to grow by 8.4% in Q4
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E-mail China.org.cn, November 26, 2012
The Chinese economy will return to a higher growth rate of 8.4 percent year-on-year in the fourth quarter after slowing for seven quarters in a row, a report by the Institute of Economic Research of Renmin University of China said Sunday.
The economic growth rate is expected to rebound due to rising domestic consumption and increasing infrastructure investment, the report said.
China's economy grew by 7.4 percent in the third quarter, a record low since the first quarter of 2009, according to the report.
The report also predicted that the full-year economic growth will reach 8 percent this year, 1.3 percentage points lower than 2011.
According to Liu Yuanchun, deputy director of the institute, China's current economic slowdown differs from the financial crises seen in the 1997-1998 and 2008-2009 periods, because there are no signs of mass unemployment or deflation despite that the economic growth has fallen for consecutive months.
Liu expects the country's economy to expand quarter on quarter in 2013 and forecast that the growth rate of real economy will likely reach 9.3 percent year on year.
The report suggested China maintain relatively loose macroeconomic policies in the short term, and called for breakthrough reforms in key sectors including income distribution and the real estate sectors..
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