China expected to see 8% growth this year

China's economy is expected to see 8 percent year-on-year growth in 2014, boosted by the economic warming in developed countries, slower renminbi appreciation and growth in consumption industries, experts said on Friday.

He Keng, a former vice-chairman of the Financial and Economic Committee of the National People's Congress, said at a forum that the world economy has been showing signs of stable recovery as the deficit burden in the United States and Europe has been easing since last year. The Japanese economy may finally gain momentum after 20 years' of slump.

Moreover, the central government's policy of restraining government officials' corruptive consumption has forced catering, accommodation and tourism industries to tap into the demand of ordinary customers, creating high growth potential.

Zheng Xinli, deputy director of the China Center for International Economic Exchanges, said at the forum that fiscal and taxation means must be leveraged to guide capital flow, particularly the flow of loans. Such means include subsidies on interest payments, capital allowances and tax reductions.

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