(MENAFN- QNA) China's economic growth is expected to slow down to an average annual rate of 7 to 7.5%, an economist said at a national conference on urban planning in Haikou, capital of south China's Hainan Province.
Despite the slowdown, China is poised to replace the United States as the world's largest economy in a decade, said Yao Yang, director of the China Center for Economic Research (CCER) at Peking University.
Yao said that hit by the global financial crisis, China has reported a major export decline, which has come as a major blow to the country's manufacturing sector, according to China's (Xinhua) News Agency.
Last year, the service sector outperformed the manufacturing sector for the first time in terms of contribution to China's GDP.
Meanwhile, a decline in the working population beginning in 2012, a result of the low birth rate in the last two decades, also threatens to slow down China's economy, said Yao.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.