China able to reach 2018 growth target: stats bureau

NBN Business News
NBN Business News

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.

FILE PHOTO: Buildings are seen in Beijing’s central business area, China, April 1, 2018. Picture taken April 1, 2018. REUTERS/Jason Lee

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

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