GDP growth forecast cut to 9.4%
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Xinhua, October 11, 2011
The Chinese Academy of Social Sciences, a major government think tank, yesterday cut China's growth estimate for 2011 to 9.4 percent from a previous forecast of 9.6 percent.
CASS attributed the slowdown partly to the intensive economic restructuring that allowed the economy to depend less on government stimulus.
In its latest report on the macro economy, CASS forecast that investments in fixed assets will grow 23.8 percent this year and consumption 17 percent. Imports will climb 26.2 percent while exports will gain 21.8 percent, which may spark a third consecutive fall in China's trade surplus.
The Consumer Price Index, a major gauge of inflation, is seen at 5.5 percent for the year, and will ease to 4.6 percent in 2012, the report said.
CASS forecast China's gross domestic product will grow 9.2 percent in 2012 on condition that the domestic and international environments will not worsen.
China's economy grew 9.6 percent annually in the first half of 2011. In the second quarter, its GDP rose 9.5 percent, a dip from the 9.7 percent growth in the first quarter, said the National Bureau of Statistics.
