Chinese Investment Set to Drive 1/3 of Economic Growth in 2018: NDRC

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The head of the state planning department says that China will spur investment in 2018, as well as expects steady growth in both exports and consumption.

He Lifeng (何立峰), chair of the National Development and Reform Commission, said at a press conference for the 13th National People’s Congress that China will unveil and implement a series of measures to “expedite investment in the real economy.”

“Following comprehensive analysis of current economic activity and other indices, we expect investment to further increase in vigour this year, in areas including private enterprise and social capital,” said He. “Its economic growth contribution rate will remain at around one third.”

“[China] can maintain ongoing, steady growth in consumption, and expect that following the development of various new industries and the modern services sector this year, the pulling effect of consumption on economic growth could also approach or even exceed 60%.”

“With regard to foreign trade, the Chinese economy has already become deeply integrated into the world economy, and as long as the world economy can emerge from the shadow of the 2008 Global Financial Crisis and maintain steady growth, Chinese foreign trade will also maintain steady growth.

“Its economic growth contribution rate will still remain at around 8 – 9%.”

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