Beijing urged to cut economic growth targets
Think tanks say mainland expansion should be about 7 per cent after industrial output and fixed-asset investment point to more weakening
Economists at two top mainland think tanks are calling on the government to cut its growth target for next year to about 7 per cent as a raft of economic data points to further weakening.
Economic activity cooled again last month, indicating Beijing's policy easing - including relaxation on home purchases and short-term liquidity injections - has yet to reverse a slowdown caused by sluggish property investment and weak manufacturing demand.
Year-on-year growth in industrial output slowed to 7.7 per cent from 8 per cent in September, after the pace sank to 6.9 per cent in August, the National Bureau of Statistics said yesterday.
Fixed-asset investment in the first 10 months rose 15.9 per cent, easing from the 16.1 per cent growth in the first nine months, as housing starts remained slow.
Retail sales last month climbed 11.5 per cent, after September's 11.6 per cent.
The State Information Centre, a think tank under the National Development and Reform Commission, said the economy might grow "about 7 per cent" next year following an expected 7.4 per cent growth this year.
"It's our forecast and also our suggestion," said Zhu Baoliang, a vice-director at NDRC's Economic Forecasting Department. "The job market is doing fine. If we can realise faster growth, then do it. If not, a speed of about 7 per cent would be good enough."