Economy set to grow 7.7 pct this year: CASS

China's economy is likely to expand 7.7 percent from a year earlier in 2013, a report by the Chinese Academy of Social Sciences said yesterday.

The country's economic performance has stabilized in recent months and its gross domestic product is on course to grow above the 7.5-percent target this year, the think tank said in the report.

Last month, the International Monetary Fund projected China's growth would be around 7.75 percent for this year.

The CASS suggested the country deepen its strategy for a domestic consumption-led economy and improve the efficiency of investment.

"China is still within a strategic period for development," the CASS said. "The country should make more efforts on industrial upgrading and on accelerating innovation."

China's gross domestic product rose 7.7 percent year on year in the first quarter before the pace slowed to 7.5 percent in the second quarter. The third-quarter growth rate, due to be released on Friday, is likely to be around 7.7 percent.

Some analysts said the growth momentum may slow in the last quarter of this year due to the limited effect of the supportive measures China has unveiled since May.

China's exports fell 0.3 percent from a year earlier in September, the first drop in three months, indicating weakness in the world's second-largest economy.

The CASS said China's exports may rise 8.7 percent annually in 2013 while imports are likely to add 7.5 percent.