Chinese Academy of Social Sciences: "China's Economic Growth Rate 8.0% This Year, 5.3% Next Year"

Chinese Academy of Social Sciences, Economic Blue Book Publication Report Meeting.
[Photo by Yonhap News]

[Asia Economy Reporter Song Seung-seop] The Chinese Academy of Social Sciences has projected this year's economic growth rate for China at 8.0%. Next year, it is forecasted to decrease to around 5.3%.

According to major foreign media on the 6th, the Chinese Academy of Social Sciences included this forecast in its "Economic Blue Book - 2022 Analysis and Forecast of China's Economic Situation." The Chinese Academy of Social Sciences is considered a think tank for the Chinese government.

The economic growth rate projection for this year by the Chinese Academy of Social Sciences exceeds the target rate (6%). It is also higher than the expected growth rates of most major global economies.

However, factors such as high producer prices, a zero-tolerance COVID-19 policy, regulations on IT companies, and measures to restrain the real estate market were cited as factors slowing China's economic growth. China's economic growth rate in the first quarter reached 18.3% due to the base effect but sharply declined in the second quarter (7.9%) and third quarter (4.9%).

The economic growth target for next year is expected to be set at the upcoming Central Economic Work Conference of the Chinese Communist Party. The specific figure will be disclosed at the plenary session of the National People's Congress in March of the following year.

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