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This content was published on November 25, 2018 13:39
SHANGHAI (Reuters) – China's economic growth would be 6.6 percent this year and slow to 6.3 per cent in 2019, while the Asian giant faces trade-related and structural reform challenges. in a report of economists from the Renmin University in Beijing.
The predictions, published by the Chinese Social Academy of Social Sciences news service late on Saturday, in line with the average forecast of a survey of 73 economists conducted by Reuters last month.
Beijing is under increasing pressure from a commercial war with the US.
But economists in the report warned that China would continue to face difficulties even if tensions with the US had been solved, due to the decline of global trade environment, the decline in export growth and depreciation the currency.
China's Gross Domestic Product (GDP) grew by 6.5 per cent year on year in the quarter of September, the lowest expansion since 2009, and Beijing has tried to encourage commercial banks to boost lending to private companies and take Measures to mitigate problems company financing.
Economists argued that China needs a new cycle of structural reforms. They also anticipated that 2019 would be crucial in restructuring the country's economy and long-term transformation into a slower, higher quality growth model.
The report said that next year should also see the rebalancing of Chinese overseas trade, with the likelihood of imports increasing by 16.1 per cent, compared to an increase of 6.1 per cent in 2018.
In addition, the report states that Chinese consumer spending could increase by 9 percent next year, exceeds the overall growth.
(Report by David Stanway; Edited in Spanish by Javier Leira)