(Yicai Global) Jan. 19 -- China has entered a key phase where consumption is gaining ground as an economic growth driver. China's rising gross domestic product is expected to slow by 0.2 percentage points per year, while its final consumption growth is projected to accelerate by 0.14 percent per year, forecasts a report issued by the Chinese Academy of Sciences (CAS) during the 2018 China Economic Forecast Conference yesterday.

China will maintain fast, steady economic growth, and its GDP growth for the full year will be around 6.7 percent. Nominal final consumption, as a growth factor, will continue to grow at 9.1 percent per year to reach CNY47 trillion, the report predicted.

China's economic growth this year will be swift at the start, but then gradually slow this year, the report also predicted. Growth for the first quarter will stand at about 6.8 percent, and 6.7 percent for the second and third quarters, while that for the fourth is estimated at about 6.5 percent. Consumption will drive 4.5 percentage points of GDP growth.

Investment will contribute 2 percentage points, while net exports will add 0.2 percentage points, per the report. China's fixed-asset investment growth for this year is very likely to be moderate and steady, and trend in a favorable direction. Investment growth for the full year will be around 6.4 percent, down by 0.7 - 0.8 percentage points from last year. Barring significant changes, China's 2018 Consumer Price Index will edge up by about 1.9 percent, while the Producer Price Index will move up by 4.2 percent, the report also predicted.