Economist: China's economy not to suffer a hard landing

Edited and translated by People's Daily Online

The Chinese economy would maintain a reasonable level of growth next year, and China will not suffer a hard landing, said Peng Wensheng, chief economist of the China International Capital Corporation Limited.

Peng said the world economic growth recession has weakened China's external demand, but the internal drive for China’s economic growth has been enhanced, so the pattern of steady economic growth will not change.

According to the data released by the National Bureau of Statistics, China's gross domestic product of first three quarters reached about 32 trillions yuan, an increase of 9.4 percent year on year calculated at comparable prices. The economic growth continues to slow down.

Meanwhile, the world economic growth is also declining. The International Monetary Fund (IMF) forecasts that 2012 global economy will grow by 4.0 percent, 0.5 percentage points lower the forecast in June.

The current slow economic growth is in keeping with macro-control expectations. Slow economic growth was the results of macro-control, driving the aggregate demand to reduce and creating conditions for stabilizing the general price level, said Zhang Xiaojing, macro-economy research director, Institute of Economics, CAS.

However, pressure brought by the current economic downturn is also increasing. The Central Economic Work Conference requires proper handling of the relationships between speed, structure and prices next year, so as to promote economy to develop stably and rapidly.