China's GDP growth expected to be 8.8% in 2021

China's GDP growth rate is expected to touch 8.8 percent in 2021, thanks to the robust recovery momentum seen in major economic sectors, global consultancy KPMG said in a report.

With per capita disposable income of Chinese people returning to the positive territory during the third quarter of the year, consumption has also been staging a rebound. Consumer optimism and the normalization of the COVID-19 epidemic control and prevention measures will further unlock the offline shopping potential in the subsequent months. The continued turnaround in consumption and service sectors will be the major economic driver next year, said Kang Yong, chief economist at KPMG China.

As outlined in the 14th Five-Year Plan (2021-25) proposals, manufacturing, especially the high-end manufacturing sector, will become a major driving force of China's long-term economic growth. KPMG expects the development of high-tech manufacturing and industrial upgrades to stimulate investment over the next 12 months. As privately owned enterprises account for 90 percent of China's manufacturing sector, stronger investment data on manufacturing will reflect the improvement of the private sector, said Kang.

Data from the General Administration of Customs showed that China's export value increased by 2.4 percent on a yearly basis during the first 10 months of this year, exceeding market expectations. But the value of the global trade in goods contracted by 14 percent on a yearly basis during the first six months, according to World Trade Organization estimates.