The Chinese economy is projected to grow 8.3 percent this year, according to a report released by the Chinese Academy of Social Sciences (CASS).

"Since there is a decline in exports, economic growth will mainly depend on consumption and investment. We expect consumption to contribute 4.3 percentage points to GDP growth, while investment may contribute 2 percentage points," CASS said.

CASS economists said total investment in fixed assets, a key requirement for an 8 percent growth target, was likely to range between 21 and 23 trillion yuan.