(Yicai Global) Dec. 20 -- China's gross domestic product growth rate will reach 6.7 percent next year driven by industrial development and the Belt and Road Initiative, the Chinese Academy of Social Sciences predicts.

A rise in consumerism driven by the internet, high-speed development of investment in high-tech manufacturing and service industries, accelerated industrialism and trade initiatives will help the Chinese economy grow steadily next year, the Chinese Academy of Social Sciences said.

China's GDP will post a growth rate of about 6.8 percent for 2017, hitting the target the government set at the start of the year, per a Chinese Academy of Social Sciences study.

Regulations on China's real estate will make sales and investment in the sector fall gradually, the study said. This slowdown will affect governments, as local governments' main income source is land.

The unbalanced income distribution among the government, enterprises and residents creates a relatively high Gini coefficient in China, the Chinese Academy of Social Sciences said.