China expects 8.23 per cent economic growth this year

BEIJING: China is hopeful of reviving its economic growth to 8.23 per cent this year from last year's 7.8 per cent.

Export growth will accelerate to 12.22 per cent this year, up from 7.9 per cent in 2012, an official report said.

Import growth will hit 17.83 per cent, in comparison to 4.3 per cent last year, said a report compiled by Xiamen University and the Economic Information Daily, a subsidiary of the Xinhua News Agency.

Although global monetary easing has piled up inflationary pressure for China, the economy will not see serious price hikes this year, the report said.

The report projected the rate of inflation at 3.11 per cent for 2013, up from 2.6 per cent last year, state run Xinhua news agency quoted the report as saying.

The report suggested restructuring income distribution as a fundamental government measure to correct the imbalance of the country's economic structure, which is featured by declining ratios of final consumption, especially residential consumption, in gross domestic product.

The report, the 14th of its kind so far, employs a macroeconomic model to calculate and demonstrate economic trends in the country.