China is poised to report full-year growth that falls short of the government’s official target, according to a CNNMoney survey of economists.
Gross domestic product is likely to have expanded by 7.3% in 2014, compared to the same period last year, according to a median estimate of eight economists. While that is below the government’s 7.5% goal, officials have said they will tolerate growth that is slightly below target.
Fourth-quarter growth is expected to be 7.2%, according to the survey, while GDP is forecast to dip further to 7% in 2015.
The National Bureau of Statistics will announce official fourth-quarter and full-year GDP figures on Jan. 20.
GDP growth in China remains the most comprehensive gauge of the country’s economic health — an important number to watch as the government works to reform the world’s second-largest economy and shift to consumption-driven growth.
China averaged economic expansion of around 10% a year over the past three decades, pushing it up the list of biggest economies and boosting household wealth. But now, the pace of growth is languishing — China recorded GDP growth of 7.7% in 2012 and 2013, a marked slowdown from 9.3% in 2011 and 10.5% in 2010.
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