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China's annual growth forecast to be 6.8 percent: reports

Xinhua | Updated: 2017-07-25 17:42

BEIJING - Two institutions on Tuesday forecast China's annual GDP growth to be about 6.8 percent this year, lower than the 6.9 percent for the first half, but higher than the annual target of around 6.5 percent.

The Chinese Academy of Social Sciences said in a report that growth in Q3 and Q4 will be 6.8 percent and 6.7 percent, as investment, consumption and exports may grow at slightly lower rates.

"China's economy will continue its steady performance, and we are confident about the country meeting its annual growth target," the report said.

A report released by the State Information Center (SIC) made the same projection about the annual growth, and said that growth in the latter half will be around 6.7 percent.

"The economy will maintain the trend of stabilization with sound momentum," the SIC said.

However, economic growth in the second half will feel the pressure from difficult cost reduction and deleveraging tasks, weak private investment and tight liquidity, it added.

The country's efforts to contain financial risks and lower the leverage ratio have been accompanied by tighter liquidity and higher borrowing costs, affecting production and investment, the SIC said.

China's economic growth has been in the range of 6.7 percent to 7 percent for 10 consecutive quarters.

The quarterly pace has risen from 6.7 percent for the first three quarters of 2016 and 6.8 percent in Q4 of 2016 to 6.9 percent in the first two quarters of this year.

On Monday, the International Monetary Fund revised China's growth forecast for 2017 up to 6.7 percent from the previous 6.6 percent, according to its updated World Economic Outlook report.

It also raised the 2018 forecast for China from 6.2 percent to 6.4 percent.

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