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BEIJING, Jan. 23 -- A Chinese think tank report has predicted China's economy will achieve steady development in 2015 with its GDP expanding by an estimated 7.2 percent.

The Center for Forecasting Science under the Chinese Academy of Sciences released its forecasts on major indicators of Chinese economy in 2015 on Friday, anticipating a 7.1 percent GDP growth in the first half of the year and 7.3 percent in the second half.

The report predicted weakening domestic demand in China but said the consumer price index (CPI) may rise a modest 1.8 percent as the upstream price pressure still outstrips the taming factors.

Due to de-stocking pressures in overcapacity industries and falling global commodity prices, China's producer price index (PPI) may drop by about 1.9 percent, according to the report's forecast.

The report predicted a slight pickup in the property market with average home price having a year-on-year rise of 1.2 percent.