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Chinese economy forecast 6.7% growth in H1
July 8, 2018, 10:11 am

Premier Li Keqiang said that China is committed to market reforms and opening up to the global economy [PPIO]

 

A report released by the Bank of China on Sunday indicated that the Chinese economy is forecast to have grown by 6.7 per cent in the first half of 2018.

This is a slight dip from the 6.8 per cent growth in the first quarter of 2018. It grew at a similar pace in Q3 and Q4 of 2017.

The report says that the property market nationally has continued to improve and that the economy overall is resilient.

The findings of the report are echoed by leading economists and think tanks such as the National Academy of Economic Strategy (NAES). It also said that growth in the first half of 2018 would like register at 6.7 per cent.

However, it warned of a drop in investments in the second half of the year which led it to predict an overal 6.6 per cent 2018 annual growth.

Meanwhile, Chinese Premier Li Keqiang told experts at the China and Central and Eastern European Countries business forum in Sofia, Bulgaria that the Chinese economy has grown at an average rate of 7 per cent in the past five years.

He said his government is committed to expanding its market reforms initiatives and opening up to world markets.

China has over the past two years said it expects steady and moderate growth between 6.5 ad 6.9 per cent in the coming years. This is quite the change from just four years ago when first half growth in 2014 was at 7.4 per cent.

The BRICS Post with inputs from Agencies

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