China’s gross domestic product (GDP) growth should exceed 7 percent, a Chinese official said on Monday, ahead this week’s official announcement.
Xiong Bilin, deputy director general of the Industry Department of the National Development and Reform Commission (NDRC) revealed the details in an unrelated press conference on production overcapacity.
Analysts widely forecast the country’s GDP to reach 9 percent growth in the third quarter. China saw ffirst quarter growth quarter of is 7.1 percent, while the second quarter hit 7.9 percent.
The government’s 4-trillion-yuan (585.65 billion dollars) stimulus package, rolled out in last year, played a heavy hand in China’s growth.
There should be no problem for China to reach its annual growth target of 8 percent,Xiong said.
As to production overcapacity, the NDRC will mainly redress it in sit sectors, including steel, cement, plate glass, the coal-chemical industry, polycrystalline, silicon and winder power equipment.Other sectors like electrolytic aluminum, ship manufacturing and soybean oil should be cautious of production overcapacity.
The specific GDP growth figure in third quarter will be released Thursday according to official.