GDP growth for next year 'to beat 2012'

The academy predicted that total fixed-asset investment growth this year is likely to slow to 20.4 percent from 23.6 percent in 2011.

In the first three quarters this year, fixed-asset investment was up by 20.5 percent, 4.4 percentage points lower than that for the same period in 2011.

Zhang Hanya, chairman of the Investment Association of China and a researcher with the National Development and Reform Commission said fixed-asset investment may reach 24 percent in 2013, and this would contribute about 5 percentage points to GDP growth.

"The investment will focus on technically updating enterprises, livelihood development, infrastructure construction and ordinary commercial housing construction," said Zhang.

The annual Central Economic Working Conference will take place in December, and the new leadership will set next year's growth target.

There is plenty of room to adjust monetary and fiscal policies, and a further easing may be taken to stabilize growth if China suffers extreme downside risk next year, the report said.

"The government should remain alert to the potential risks from the gloomy global economic environment in 2013," said Pei Changhong, head of the academy's Institute of Finance and Trade Economics.

chenjia1@chinadaily.com.cn

 

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