China’s central banks expects economy to slow further in 2016
The central bank expects China’s economy to expand by 6.8% next year, down from its growth forecast of 6.9% for this year. According to the PBOC, China’s fixed-asset investment, a key driver of economic growth, will grow 10.8% in 2016 from this year while China’s retail sales will grow 11.1% next year. Exports, meanwhile, are expected to increase 3.1% while imports are forecast to gain 2.3% on the year in 2016.
The bank also reported that the impact of a series of efforts by the government to spur the slowing economy including rate cuts, devaluation of the yuan and accelerated approvals for infrastructure projects is likely to make an impact on economic growth in 2016.
In addition, the PBOC stated that annual consumer inflation may rise to 1.7% in 2016 from an expected rate of 1.5% this year.
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