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State think tank predicts 2015 GDP growth of 7.1%
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CHINA'S gross domestic product is expected to grow 7.1 percent from a year earlier this year, weakening further from the pace of 7.4 percent in 2014, according to the State Information Center today.
The think tank under the National Development and Reform Commission said the economic slowdown is in tandem with the contraction of labor force.
"The demand at both home and abroad remains weak, while neither the governments at provincial level nor private investors have the ability to propel the growth," the center said in a report.
"The central government, the only one which can impact the growth momentum, is more tolerate with a slower rate and is firm on pushing forward reforms," it said.
If China's economy has a notable deceleration or reports a much lower growth rate than the official target, the central government may launch stimulus to prevent a hard landing. Otherwise, the country may focus on the reforms, it said.
China is expected to lower its growth target to 7 percent this year when the country entered a phase of new normal.
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