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China says 2018 growth target to reflect new changes in economy

Reuters  |  BEIJING 

(Reuters) - China's economic growth for 2018 will reflect new changes in the as the put more emphasis on higher quality development, the State Council Information Office said on Monday.

The will set its key targets for 2018 "after earnestly studying new performance, new situations and new problems", the office, the government's public relations arm, said in a statement in response to Reuters' requests for comment on a source-based story.

"China's economic and social development still faces many contradictions and challenges that need to be seriously resolved and dealt with," it said.

Policy sources have told that China's leaders are likely to maintain this year's growth of "around 6.5 percent" in 2018, even as they ratchet up efforts to control systemic risks from a rapid build-up of debt in the world's second-largest

The International Monetary Fund (IMF) and some economists have suggested that do away with growth targets to reduce the country's long reliance on debt-fuelled stimulus and encourage more productive investment.

Specific economic targets for 2018, which include GDP, inflation, the budget deficit and money supply, are likely to be set during an economic work meeting this month, but are not expected to be announced until the annual parliament meeting in March.

will strive for higher quality, more efficient and fair growth, the information office said, reiterating a pledge made by President Xi Jinping at a party congress in October.

Buoyed by sustained state spending, a construction boom and resurgent exports, analysts forecast China's should beat the official growth for this year.

The grew 6.7 percent last year, a 26-year low, but has expanded 6.9 percent in the first three quarters of 2017.

Still, economists polled by expect a slowdown next year to 6.4 percent as measures to curb rising housing prices and efforts to deal with debt risks gain more traction.[ECILT/CN]

(Reporting by Kevin Yao; Editing by Kim Coghill)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 11:22 IST