Economists Expect Faster Growth in 2013 for China

China’s economic growth in 2013 would be stabilized and outperform that of 2012 and the country should accelerate economic reforms, a group of renowned economists said here Monday.

The Chinese economy would grow at 8-8.5 percent this year, faster than in 2012 and with inflation under control, Justin Yifu Lin, former vice president and chief economist of the World Bank, said during a forum on China’s economic forecast jointly held by the National Committee on U.S.-China Relations and China Center for Economic Research.

Lin said investment would continue to be a strong driving force for the Chinese economy, adding that households’ income and domestic consumption would also expand rapidly.

He is also confident that China could maintain an average growth rate of 8 percent in the next 20 years as there are still great potentials in industrial upgrading and infrastructure investment.

In the meantime, he suggested that China deepen market-oriented reforms and accelerate reforms in its social security system and income distribution.

“As the new government of China is just in the corner, in the next few years China’s growth will not only stabilize but will accelerate,” said Huang Haizhou, chief strategist at China’s International Capital Cooperation (CICC). He expected the economic growth to reach 8.1 percent in 2013.

Lu Feng, director of China Macroeconomic Research Center predicted China’s economy would grow 8.1-8.2 percent this year based on growth forecasts by research institutions.

via Xinhua

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza