Chinese Think Tank Projects Economic Growth Rate in the 6% Range This Year

The Most Optimistic Forecast Among Chinese and Foreign Institutions

[Asia Economy Reporter Oh Gyumin] On the 13th, the Chinese Academy of Sciences, a think tank under the State Council of China, projected that China's economic growth rate will reach the 6% range this year, according to reports from Economic Observer Network and others.

At the '2023 China Economic Forecast and Outlook' forum, Yang Cuihong, Deputy Director of the Forecast Science Research Center at the Chinese Academy of Sciences, stated, "China's economy will operate steadily this year," adding, "The gross domestic product (GDP) growth rate will reach 6%."

On the 13th, the Chinese Academy of Sciences, a think tank under the State Council of China, forecasted that China's economic growth rate will reach the 6% range this year, according to reports from Economic Observer Network and others.
[Image source=Yonhap News]

He said, "An acceleration in economic circulation and stable recovery are expected following the easing of COVID-19 prevention measures, along with stability in the international balance of payments," and added, "Consumption will be the driving force behind China's economic growth this year." He further predicted that the primary industry will grow by 4.3%, while the secondary and tertiary industries will grow by 5.6% and 6.4%, respectively.

Regarding China's economic growth this year, Deputy Director Yang forecasted a relatively higher second quarter compared to the first and third/fourth quarters, forming an 'inverse U-shape.'

He also expected the Producer Price Index (PPI) to decline by 0.4%, while the Consumer Price Index (CPI) is anticipated to rise by 1.8% this year.

He projected that China's economic growth rate during the 14th Five-Year Plan period (2021?2025) will be 5.3%. In the long term, during the 15th to 17th Five-Year Plan periods, growth rates are expected to slow to 5.1%, 4.6%, and 4.2%, respectively.

The economic growth rate forecast for China this year by the Chinese Academy of Sciences is the most optimistic among the projections made by Chinese and foreign economic institutions.

This content was produced with the assistance of AI translation services.