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China’s growth may slow to 7.1% in 2015

Shanghai Daily via agencies, December 15, 2014 Adjust font size:

China's economic growth could slow to 7.1 percent in 2015 from a likely 7.4 percent this year, held back by a sagging property sector, the central bank said in a research report seen by Reuters Sunday.

Stronger global demand could boost exports, but not by enough to counteract the impact from weakening property investment, according to the report.

China’s exports are likely to grow 6.9 percent in 2015, quickening from this year’s 6.1 percent rise, while import growth is seen accelerating to 5.1 percent in 2015 from this year’s 1.9 percent, it said.

The report warned that the US Federal Reserve’s expected move to raise interest rates sometime next year could hit emerging-market economies.

Fixed-asset investment growth may slow to 12.8 percent in 2015 from this year’s 15.5 percent, while retail sales gain may quicken to 12.2 percent from 12 percent, it said.

Consumer inflation may be 2.2 percent in 2015, it said.

China’s economic growth slowed to 7.3 percent in the third quarter, and November’s soft factory and investment figures suggest full-year growth will miss its 7.5 percent target and mark the weakest expansion in 24 years.

Economists who advise the government have recommended that China lower its growth target to 7 percent in 2015.