China's annual economic growth is likely to slow to 6.8% in 2016 from an expected 6.9% this year, the People's Bank of China (PBOC) reported in a working paper yesterday. The PBoC said that it expects GDP growth for 2015 and 2016, which will be released on Wednesday, to average 6.4%. inhibiting exports, as the main factors affecting the country’s economic growth. The think tank recommended that China should widen its fiscal deficit to 2.12 trillion yuan ($327.6 billion) next year from a planned 1.62 trillion yuan in 2015, keeping the deficit to GDP ratio within the warning level of 3 percent. Nevertheless, significant growth in China’s domestic consumption is expected as retail sales are predicted to grow an annual 11.1% in 2016, whilst exports are projected to rise an annual 3.1% and imports are to forecast to grow 2.3%, according to the PBOC.
China's annual economic growth is likely to slow to 6.8% in 2016 from an expected 6.9% this year, the People's Bank of China (PBOC) reported in a working paper yesterday. The PBoC said that it expects GDP growth for 2015 and 2016, which will be released on Wednesday, to average 6.4%. inhibiting exports, as the main factors affecting the country’s economic growth. Nevertheless, significant growth in China’s domestic consumption is expected as retail sales are predicted to grow an annual 11.1% in 2016, whilst exports are projected to rise an annual 3.1% and imports are to forecast to grow 2.3%, according to the PBOC.