This year growth rate of China’s GDP will slow to 6.7%

Almaty. February 26. Silkroadnews - At the end of this year China’s GDP growth rate will slow down to 6.7% against 6.9% of last year, while the consumer price index growth (CPI) in China - a key indicator of the country’s inflation - will make 1.48%, according to the report by Xiamen University scientists and the economic newspaper “Jinji tsankao bao”, TASS agency reports.
“The major reason for the slowdown is the consumer demand which is not strong enough (...) In the short term it is hardly possible to increase significantly the (level of) consumption by the population,” - the document says.
The report authors believe this is due to the stereotypes of consumption prevailing.
“At present the consumption structure is mainly comprised of the real estate, vehicles and food. As incomes grows the consumer basket gets transformed, which will increase the demand for services, including health, education and entertainment,” - the document assumes.
The report also notes that as far as the consumer preferences of the Chinese population change and incomes rise the stabilization of the Chinese economic growth shall be expected as well.
China experiences a gradual slowdown of the national economy growth. In 2010 growth made 10.4%, followed by 9.2% in 2011, 7.8% in 2012. At the end of 2013 it slowed to 7.7% and then amounted to 6.9% in 2015.