CASS: Chinese economy to grow 8.2% in 2013

China’s economy is likely to expand 8.2% in 2013, up from expected rate of 7.7% this year, as a result of government’s pro-growth policies, Reuters reported, citing a “blue book” report by the Chinese Academy of Social Sciences, a government think-tank. The report urged Beijing to increase the budget deficit “appropriately” and slash taxes that restrict economic efficiency next year. It also warned that global uncertainty could still pose a major risk for China. As the premier state-backed academic and policy research center, the think tank is often viewed as closely reflecting central government thinking. Its recommendations dovetail with stated goals of China’s new leadership, including allowing more market-determined pricing of resources and expanding VAT reforms. The think tank said it is “cautiously optimistic on the outlook for 2013.”