Chinese Economy and Reform after the 18th CCP National Congress:A Macroeconomic Analysis
By Zhang Shuguang,Zhang Chi
In 2012, China’s gross domestic product rose 7.8%, industrial value added advanced 10% and the consumer price index climbed 2.6%. The Chinese economy first declined and then bounced back up in the year. As a result, most experts and institutes are optimistic and even unduly upbeat about economic growth in 2013, expecting an 8.5% or even a 9.3% growth rate. However, such a high rate of growth is not supported by the demands of economic transformation and restructuring, growth potential, policy operating room or the international environment. Therefore, a 7.0 to 8.0% growth rate will be more reasonable. To achieve the goals of advancing new urbanization,doubling people’s incomes, moving forward with the ‘Build a Beautiful China’campaign and proceeding with political reforms that were adopted at the 18th Chinese Communist Party National Congress, economic restructuring and re-balancing efforts must be intensified to allow for sustainability.
