business

CASS: China’s GDP to grow about 8.5% in 2021

China’s GDP is expected to grow about 8.5 percent in 2021, The Paper reported citing the Chinese Academy of Sciences on Friday.

The CASS predicated the growth will be faster at the beginning but slower in the rest of the year, with growth of around 16.3 percent in the first quarter, and 7.3 percent, 6.3 percent and 5.9 percent in the following three quarters.

Consumption will become a major economic driver in 2021, with year-on-year nominal growth between 10.7 percent and 11.7 percent, said Yang Cuihong, deputy head of the CASS Forecasting Science Research Center.

Predicted data show consumption, investment and net export are projected to pull up the GDP growth by 4.9, 3.3 and 0.3 percentage points respectively in 2021.

In addition to GDP, CASS expected the country’s foreign trade volume in 2021 will increase around 5.7 percent. Yearly per capita disposable income of rural residents will grow around 8.3 percent in real terms to reach 18,553 yuan ($2,869.38).

The country will see a mild price hike in 2021, according to data from the CASS, when the consumer price index will rise by about 1.1 percent, producer price index by 1.7 percent, and purchasing price index of raw material by 2.6 percent.

CASS projected a stable price for commercial residential buildings in the country. The added value of the industrial enterprises above designated size will grow by 9.3 to 9.9 percent, while the logistics prosperity index will stand at 51.17 percent.

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