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  HOME | Business & Economy (Click here for more)

China Hopes to Improve Growth Forecast by 6.5% This Year

BEIJING – The Chairman of the Chinese National Development and Reform Commission said on Saturday that he was convinced China would reach growth forecasts of around 6.5 percent this year and did not rule out possibilities of an even further improvement.

On Thursday, Chinese authorities had announced that the GDP growth reached 6.9 percent during the first three quarters of the year.

“The growth target of around 6.5% is expected to be fulfilled successfully and it’s possible to achieve even better results,” said He Lifeng at a press conference within the framework of the 19th Congress of the Communist Party of China.

The International Monetary Fund last week indicated a slight improvement in the growth prospects of China by anticipating that economic growth would be 6.8 percent for this year, a tenth of a point more than that calculated in July, and 6.5 percent in 2018.

In addition, it highlighted the stability of prices and creation of new jobs – over the past five years more than 65 million new jobs have been created – as among the factors that have allowed this sustained growth.

Employment generation, one of Beijing’s priorities, caused urban unemployment rate in China to fall to 4.83 percent in September, its lowest level since 2012, according to the latest official data.

“It’s not easy but we are moving in the right direction,” He said.

During the press conference, He also pointed out that the value of GDP was expected to exceed 80 trillion yuan (about $12 trillion) this year, during which the economy has experienced a more stable growth trend.

According to official data, China’s GDP grew by 6.9 percent interannually to stand at 59.3 trillion yuan during the first three quarters.

 

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