The ministry also revised down its 2015 growth forecast from 3.1 percent to 2.7 percent, Xinhua reported.
Private consumption is expected to grow
2.4 percent in 2016 thanks to low interest rates and cheaper oil, and
facility investment is forecast to increase 4.4 percent next year,
contributing to next year’s economic expansion.
Exports, which account for about half of
the economy, are predicted to rise 2.1 percent next year amid
uncertainties caused by interest rate hike in the US.
Domestically, consumption momentum is
expected to weaken due to aging population and massive household debts
along with weaker competitiveness of major manufacturing industries.
The ministry unveiled its 2016 outlook
for the current economic growth rate at 4.5 percent, lower than this
year’s forecast of five percent.
The current growth rate means real GDP
growth rate reflecting headline inflation, indicating that the ministry
will make efforts to boost the low consumer price inflation as well as
economic growth.
Outlook for 2016 headline inflation was revised up to 1.5 percent from earlier estimate of 1.2 percent.
Imports are forecast to increase 2.6
percent in 2016, sending the current account surplus outlook to $98
billion. It was up from the previous forecast of $88 billion.
