China’s economy to grow 6.7% in 2018

A recent report issued by the Chinese Academy of Social Sciences (CASS) forecast a 6.7 percent growth to the Chinese economy in 2018, saying there would be no “hard landing”.

Issued in Beijing on Monday, the report said that China’s economy will remain stable with relatively fast growth, optimized economic structure and steady progress of employment.

The report believes that China will see a growing ratio of the service sector in its economy, a steady growth in consumption, stable trade surpluses and a rise in household income.

China’s economy has become more competent in resisting external impacts as the country has entered high-quality economic development. With the maturing of the government’s economic regulation, the growth in each quarter is not likely to fluctuate a huge amount.

The report pointed out that further recovery of the global economy has resulted in the growth of total demand, and China’s stable economic performance with good momentum for growth will keep serving as solid support to its foreign trade.

In addition, China’s enterprises, which are actively joining emerging industries of strategic importance, will help China export more high value products.

It is predicted that, given stable US dollars and RMB, Chinese exports priced in dollars will achieve a 9.5-percent growth to nearly $2.5 trillion in 2018.

Editor: John Li