Economy to grow about 6.5% in 2017, think tank says

Updated 2016-12-20 09:24:41 Global Times

A blue book on China's economic development released by the Chinese Academy of Social Sciences (CASS), a government think tank, forecast that GDP will rise about 6.5 percent in 2017, news portal reported on Monday.

The blue book released on Monday, which estimated the GDP growth rate for this year at 6.7 percent, said the economy will operate within a reasonable range for 2016 and 2017 under the new normal situation of slower but higher-quality growth, with the employment rate and inflation at basically stable levels.

For the first three quarters of 2016, GDP grew 6.7 percent.

Forecasting consumer price inflation to grow 2.2 percent and producer prices to rise by 1.6 percent in 2017, the CASS blue book stated that the Chinese economy will not have a "hard landing."

Quarter by quarter, the economy is forecast to grow 6.5 percent, 6.5 percent, 6.4 percent and 6.4 percent next year, respectively.

The blue book stated the importance of continued efforts to cut tax burdens and beef up the implementation of proactive fiscal policies. It also called for measures such as expanding the fiscal deficit and deepening personal income tax reform.

The Central Economic Work Conference, which concluded on Friday, stressed the need to deepen overall economic reform, and it vowed to improve market conditions to help business by further expanding market access, streamlining administrative restrictions and easing financial burdens for companies.

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