The Chinese Academy of Social Sciences expects China’s GDP to post 6.8% year-on-year growth for the third quarter on the back of steady consumption and investment growth.
A new report issued by CASS forecasts consumption growth of 10% and infrastructure investment growth of 20% in the second half of 2017, serving as primary drivers of Chinese GDP expansion for the rest of the year.
CASS sees Q4 growth of 6.7% and full year growth of 6.8% on the back of these robust growth drivers, enabling policymakers to surpass their full year growth target of around 6.5% – the country’s lowest in a quarter of a century.
“The Chinese economy will maintain the firming trend in the second half of the year and China is confident it will achieve its annual economic growth target,” said the CASS report.
Figures from the National bureau of Statistics indicate that China’ s GDP grew by 6.9% year-on-year in the first half of 2017 to reach USD$5.6 trillion dollars.
The strong performance of the Chinese economy in 2017 has spurred calls within China for policymakers to forge ahead with urgently-needed financial and structural reforms.