China's top think tank raises 2013 growth forecast to 8.4 percent: report

SHANGHAI Mon Jan 28, 2013 8:41pm EST

SHANGHAI (Reuters) - China's top think tank has lifted its economic growth forecast for 2013 to 8.4 percent from 8.2 percent, with faster expansion seen in the first half of the year, the official China Securities Journal reported on Tuesday.

The Chinese Academy of Social Sciences (CASS) predicts growth will ease slightly in the third quarter before picking up again in the October-December period, the report said.

The academy also raised its annual inflation forecast for this year to around 3.5 percent from its previous forecast of 3 percent in December, according to the newspaper.

The HSBC Flash Purchasing Managers' Index (PMI) last week showed growth in the country's factory sector accelerated to a two-year high in January, as manufacturers received more local and foreign orders.

The PMI, the earliest preview of China's economic health in 2013, is the latest indication that the world's second-largest economy is steadily recovering from a near two-year cool-down. The economy grew 7.8 percent last year, its slowest annual pace of expansion in 13 years.

A Reuters poll this week showed analysts predict China's annual economic growth would rebound a shade to 8.1 percent this year.

(Reporting by Kazunori Takada; Editing by Eric Meijer)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video