(Yicai Global) Jan. 6 -- Several of China's economic indicators suggest that expansion of the world's second-largest economy will fall at a slower rate this year, according to experts who spoke at the China Chief Economist Forum over the weekend.

"GDP growth was at least 6.1 percent in 2019 and won't fall below 6 percent this year," forecast Sheng Songcheng, president of the forum's research institute. The country had its worst performance in economic expansion in 28 years in 2018, with official GDP growth pegged at 6.6 percent.

Former Chinese President Hu Jintao, predecessor to Xi Jinping, set a goal in 2012 for China to double the size of its economy from 2010 to 2020. Based on the country's original GDP figure for 2018 this would have required a 6.1 percent growth rate this year, but China revised its 2018 GDP estimate in November 2019, slightly reducing the required rate.

China's manufacturing PMI in December was up 0.6 percentage point from November, Sheng added, saying the new order index has been in expansion territory for two straight months and implies manufacturing demand is continuing to grow. Investment in high-tech sectors also grew 14.1 percent annually in the first 11 months of 2019, Sheng continued. Even though investment growth is at a historically low level, high-tech spending soared, suggesting the nation's investment structure is improving, he said.

Foreign capital is pouring into Chinese assets as Japan and European countries have begun to introduce negative interest rate policies and other nations are looking at zero interest added Lian Ping, chief economist with the Bank of Communications. China will maintain a stable monetary policy and the central bank will continuing its counter-cyclical adjustments, meaning future cuts to interest rates and the reserve requirement ratio, he said.

Chinese mainland stock markets should also fare well as international indexes give them a heavier weighting, said Zhongshan Securities' Chief Economist Li Zhan, who said that foreign capital makes up just 3 percent of the mainland markets at the moment.

Editor: James Boynton