Report predicts 7.7% growth for Chinas 2012 GDP//China may lower 2013 economic growth target

BEIJING, Dec. 5 (Xinhua) -- A government think tank on Wednesday forecast that China"s economy would grow 7.7 percent this year before rising to 8.2 percent in 2013.The growth rate of China"s gross domestic product (GDP) decreased to 7.3 percent during the third quarter of this year, and it will only rise to 7.5 percent in the fourth quarter through more policy incentives, according to a blue paper issued by the Chinese Academy of Social Sciences.The paper estimates that the overall GDP growth rate of 2012 will stand at 7.7 percent and the consumer price index (CPI), a major gauge of inflation, will end at 2.7 percent.It also expects the GDP to grow 8.2 percent and the CPI to reach 3.0 percent in 2013.Stabilizing economic growth is the priority of China"s macro-regulation for the time being, according to the report, which suggests striking a balance between stabilizing economic growth, economic restructuring and deepening reform.The paper also forecasts grave challenges for employment. The sluggish world economy in 2012 has reduced overseas demand, hence slower growth in export volumes, which made creating employment more difficult, it says.【1】【2】

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BEIJING, Dec. 5 (Xinhua) -- China is likely to set a lower economic growth target for 2013 to achieve a smooth change in its growth pattern and minimize future risks amid uncertainties in global economy, according to a newspaper column by a senior economist published on Wednesday.The Chinese government will make self-motivated efforts to slow down the rapidly expanding economy in the coming year, wrote Yi Xianrong, a finance researcher with government think tank the Chinese Academy of Social Sciences, in Shanghai Securities News.This will create necessary conditions to upgrade the current growth pattern that relies heavily on real estate and exports, in Yi"s view.He based his argument on the fact that, after years of shining performance, those two sectors are losing luster.While bubbles in the housing market are posing a threat to the world"s second-largest economy, once-fast-increasing exports have showed signs of slowing, dragged down by sluggish overseas demand, Yi wrote.In the third quarter of 2012, China"s economy grew by 7.4 percent year on year, bringing the figure for the first three quarters to 7.7 percent, which is 0.2 percentage points higher than the growth target for the full year, according to the National Bureau of Statistics.【1】【2】

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