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China's economy to grow 8.5% in 2012: gov't think tank

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A farmer picks up Chinese cabbages in the field in Zaozhuang City, east China's Shandong Province, Nov. 13, 2011. Due to oversupply, Chinese cabbage price by Nov. 13 has plummeted 30 percent as compared to that at the beginning of October. (Xinhua/Sun Zhongzhe)
BEIJING, Nov. 25 (Xinhua) -- China's economy is expected to grow 8.5 percent in 2012, a slower pace than this year, an official from a government think tank said on Friday.

Lu Zhongyuan, deputy director of the Development Research Center (DRC) of the State Council, or China's cabinet, said that he expects China's investment to grow by 20 percent next year, adding that he expects exports to slow along with investment.

Investment, consumption and exports are regarded as three major factors in stimulating economic growth.

Lu said next year's total consumption may outpace that of 2011 due to increased livelihoods and an improved domestic employment situation.

Lu said the slower economic growth is "reasonable and acceptable," considering the improving quality and sustainability of China's economic development.

In 2012, the country's year-round consumer price index (CPI), a main gauge of inflation, is expected to reach 4.5 percent. 

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