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CASS forecasts 7.4% economic growth
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The Chinese Academy of Social Sciences predicted China's economy may grow 7.4 percent this year, lower than the government target of 7.5 percent, the think tank said in a report today.
The forecast was more pessimistic than the one by the International Monetary Fund, which revised its 2014 GDP growth projection to 7.5 percent on Monday.
The academy said growth will continue to be driven mainly by investment and momentum will be stable, at least in the near to middle term.
“China's fixed-asset investment growth will slow down due to excessive production capacity and the risk of the collapse of local government debt, but it will remain a major force for development because consumption, though it may expand steadily, won't catch up as the foremost driver of the economy,” according to the report.
It noted net exports may deteriorate further this year due to many uncertainties around the world.
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