China's economy to pick up in 2013: report

BEIJING - China's economy is likely to grow by 7.7 percent this year and accelerate to around 8.5 percent in 2013 partly due to the nation's pro-growth policies, according to a report released Wednesday.

The country's economy will continue to be affected by many negative factors in the near future, including the faltering recovery of the global economy, strict property curbs and excessive production capacity, the National Academy of Economic Strategy under the Chinese Academy of Social Sciences said in the report.

Huanghua Port in Cangzhou, North China's Hebei province. [Photo by Zou Hong / China Daily]

China's gross domestic product will grow by about 7.7 percent in 2012, the report forecast.

The economy will gain steam and expand by around 8.5 percent next year due to favorable factors such as the effects of China's pro-growth policies and recovering external demand, the report said.

To buoy the slowing economy, the government has rolled out an array of measures this year, including two cuts to benchmark interest rates, the easing of banks' reserve requirements and the approval of infrastructure projects worth more than 1 trillion yuan (158.7 billion U.S.dollars).

China's economy expanded 7.4 percent year on year in the third quarter, slowing from 7.6 percent in the second quarter and 8.1 percent in the first, according to the National Bureau of Statistics.

The country has lowered its growth target for 2012 to 7.5 percent amid sluggish demand and global economic woes.