The China Academy of Sciences forecast 7.6 percent for annual GDP growth this year, according to its report released on Thursday.

The GDP growth rate in the first half of the year is estimated to be 7.4 percent and 7.7 percent in the second half.

Growth in primary industries (primarily raw materials) is expected to increase by 3.6 percent year-on-year, secondary industries (manufacturing) by 7.6 percent, and tertiary industries (services) by 8.5 percent.

CPI will grow to 3.1 percent, said the academy.

Consumption will register 13.7 percent annual growth while investment will increase by 20 percent.

Imports and exports are expected to increase 8.2 percent by the end of 2014 over the same period in the previous year.

The trade surplus will expand to $280 billion at year-end from $195 billion in 2013.