Report: China’s economy to grow 8.23 percent in 2013

Beijing, China (4E) – Economic growth in China is predicted to gain 0.43 percentage points this year compared to 2012 to reach 8.23 percent, according to a China Daily report released on Sunday.

The estimate comes as an official report, which uses a macroeconomic model to measure and show the current economic trends in the country, shows that exports will likely grow to 12.22 percent this year, which is higher than the 7.9 percent posted in 2012.

A report by Xiamen University and the Economic Information Daily, a subsidiary of the state-run Xinhua News Agency, also forecast a 17.83 percent rise in imports in 2013, in comparison to last year’s 4.3 percent figure.

The report also said that the Chinese economy will not see major inflationary pressures despite global monetary easing has to some extent brought price hikes in the world’s second-largest economy.

The inflation rate is expected to be at 3.11 percent this year from the 2.6 percent figure in 2012, according to the report.

Suggestions to restructure income distribution was mentioned in the report, saying that it is a key government measure to address the imbalances in China’s economic structure. The country has recently been dealing with falling ratios of final consumption in the overall output, particularly in the residential consumption.

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