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CASS sees hard work to correct imbalances
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China must work harder to correct increased economic imbalances as it enters a new stage of development featuring lower yet more sustainable growth, according to a report released yesterday by the Chinese Academy of Social Sciences.
In 2014, China will face uncertain demand and much structural adjustment brought by its systemic reform, but the economy will be generally stable, said the CASS’s National Academy of Economic Strategy in its latest report.
China’s adjustment of economic structure proved fruitful in 2012, but economic imbalances in some areas have exacerbated in 2013, meaning the improvement in economic structure must be strengthened with effective measures, the report said.
It noted the current economy faces serious overcapacity, complex price fluctuations, difficulty in adjusting the structure of investment and consumption as well as potential financial risks.
Although China’s previous explosive growth rate is unlikely to be achieved in the future, its ability to grow will be enhanced as it enters and adapts to a new economic cycle featuring lower but more sustainable growth, the report said.
The institute sees slightly higher growth rates for the final quarter of 2013 and for 2014 as no big changes will occur in economic policy.
China’s economy grew 7.8 percent in the third quarter of 2013, up from 7.5 percent in the second and 7.7 percent in the first.
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