China Economy to Grow 6.5% in 2016, Bloomberg Economist Expects at SMM Summit

SHANGHAI, Nov. 13 (SMM) – China’s economy is expected to grow 6.5% in 2016, a Bloomberg economist predicted at SMM’s summit.

“China’s economy will continue to face downward pressures in 2016, but Chinese government will still have room for its fiscal and monetary policies to support its growth,” said Fielding Chen, a Bloomberg’s economist at SMM summit on Nov. 12-13.

In 2015, China has introduced many supportive policies, but the impact is not obvious, as major economic indicators fail to reach the target set at the early year, he overviewed.

“Chinese economy will not see a hard-landing, however,” he told over 500 attendees at the summit held in Shanghai.

Chinese yuan is now in the spotlight, and Chen also shared his view over the topic. 

“Chinese yuan will hold largely stable for the foreseeable future, but still have downward pressures to fall in the short term,” he predicts, adding that Chinese yuan will have a very high possibility of being added into the SDR basket this November.”

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