(Yicai Global) Dec. 19 -- The 'fast growth model' of the Chinese economy will be replaced by a 'high-quality development' one starting next year, a leading Chinese economist said.

"China will likely maintain an economic growth rate of 6.8 percent, judging by its performance today," state-run Xinhua News Agency quoted Minsheng Securities Chief Economist Qiu Xiaohua as saying at the 2018 NetEase Annual Economists Conference yesterday.

Next year will mark the start of a new phase of development in China since the onset of the downturn in 2010, and it will be characterized by steady growth with improved quality and efficiency, said Qiu, who formerly served as the head of the National Bureau of Statistics.

China's economy will witness steady development, mild inflation, flattening investment growth, an uptick in consumption activity and a continuous recovery in the foreign trade sector next year, he predicted.

The world economy has recovered modestly this year, and global economic growth is projected to be about 3.6 percent, hitting a new post-2008 high, Qiu said. Given the steady advance in the Chinese economy, China will likely hit or surpass the preset growth targets, he said.