BEIJING (Reuters) – China will be able to reach its full-year economic growth target of around 6.5 percent in 2018 even as downward pressure increases, and will be able to maintain steady growth next year, a spokesman of the country’s statistics bureau said on Friday.
Infrastructure investment growth is expected to stabilize while the trend of ‘consumption upgrade’ continues, the bureau’s spokesman Mao Shengyong told reporters after the release of China’s third-quarter output data.
Policymakers are trying to pivot China away from low-end, low-quality consumer products to higher-end goods and services as part of their long-term plan to transform the country’s economy and foster sustainable growth.
Mao said that the external environment will create uncertainties for China’s efforts to stabilize growth.
Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Shri Navaratnam