The National Academy of Development and Strategy of Renmin University of China (RUC NADS) in its latest report has stated that China’s gross domestic product (GDP) is expected to increase by 6.6 percent year on year in the current year.
In the report, RUC NADS claims that 2019 will be the key year in the “new normal” stage of China’s economic development as the bottom phase of China’s economy has not emerged yet - the structural adjustment of the national economy has not been completed, and the window period for a new round of reform and opening-up and the second round of structural reforms on the supply side has emerged.
Meanwhile, towards the end of 2018, the downtrend in the commodity markets has given vent to all kinds of pessimism, which will be replaced by improved market confidence in 2019, the report states. However, it suggests that China’s GDP growth target in 2019 should be set at 6.3 percent.