China鈥檚 GDP slated to slow to 7.1%
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CHINA’S gross domestic product may grow 7.1 percent this year, slowing further from 7.4 percent in 2014, the State Information Center said in a report yesterday.
The think tank under the National Development and Reform Commission said the economic slowdown was in tandem with the contraction of the labor force in the country.
“Also, the demand both at home and abroad remains weak while neither the governments at provincial level nor private investors have the ability to propel the growth,” the report said.
“The central government, the only one who can exert a notable impact over the growth momentum, is more tolerate with a slower rate and is firm on pushing forward reforms,” it said.
Some analysts predicted China to lower its growth target to 7 percent this year under a “new normal” phase.
If China’s economy decelerates rapidly or reports a lower growth rate than the official target, the central government may launch stimulus to prevent a hard landing, the think tank said.
In January, China’s economy was weaker than expected. The official Purchasing Managers’ Index, a comprehensive gauge of operating conditions in the manufacturing sector, fell to a 48-month low of 49.8 last month, suggesting a contraction in industrial activities.
Trade also slumped 10.8 percent in January, with exports falling 3.2 percent, the first fall in 10 months, while imports tumbled 19.7 percent, the worst since June 2009.
The People’s Bank of China has unveiled a broad cut in bank reserve requirement ratio by 0.5 percentage points, a move that can potentially free up nearly 1 trillion yuan (US$160 billion) in liquidity, according to earlier media reports.
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