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Economy seen to meet target on services, realty
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POCKETS of strength in China’s economy should help it achieve the government’s annual growth target for this year, a research paper issued by the country’s top economic planner said yesterday.
Despite increasing pressure on the economy, modest rises in consumer prices and employment are expected during the remainder of 2015, according to the paper posted on the National Development and Reform Commission’s website.
Those conditions would allow China’s economy to expand at around 7 percent for the year, it said.
A string of weak economic indicators has raised doubts in recent months on whether the government can achieve its 2015 growth target, which would be the weakest annual rate in a quarter of a century.
The paper said services are likely to keep its brisk growth rate, while the property sector is also set to retain its uptrend.
These positive growth impulses should negate faltering activity in China’s vast manufacturing sector as well as the drag on the financial services industry stemming from the recent stock market crash.
The paper said domestic consumption would remain the main pillar of support for the economy.
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