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China’s economy seen tighter: CASS
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China’s economy may face downward pressure next year as a widening wealth gap, higher property prices and rising consumer prices top the list of people’s major concerns, the Chinese Academy of Social Sciences said yesterday.
“China’s economic growth moderated on the whole in 2013... whether the pace is to stabilize or slow further next year remains a topic for discussion,” said Zhang Yi, a senior CASS researcher. “We assess that there will be some tightness in the first half of next year, followed by a mild recovery in the second half.”
China’s gross domestic product may grow 7.6 percent this year, analysts said. In 2012, the GDP expanded 7.8 percent. The CASS projected China’s GDP to grow 7.5 percent in 2014.
“The good news is that China has reported a harvest this year and the employment rate has been kept steady, which may help the economy next year,” Zhang said.
Earlier this week, sources at the commerce ministry’s think tank said China will likely stick with this year’s growth target of 7.5 percent for 2014
Chen Guangjin, another CASS researcher, said the yawning wealth gap has replaced rising consumer prices to become people’s top concern this year. The continued climb in property prices was the second biggest concern.
“The country should make more efforts to bridge the income gap between urban population and those in rural areas, and continue to improve the social safety net, especially to guarantee sufficient retirement funds and medical funds,” Chen said.
China’s Consumer Price Index, a main gauge of inflation, may rise 2.7 percent this year, lower than the target of 3.5 percent.
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