The World Bank has predicted China’s economic growth for 2009 will hit 8.4 percent with further growth of 8.7 percent for 2010 as the country’s US$586 billion stimulus package continues to kick in.
The revised forecast, up from 7.2 percent, came amid warnings for China’s central bank to rein in credit to avert an asset bubble.
The World Bank figures come a fortnight after China released third quarter growth figures of 8.9 percent leading Chinese policy makers to remain confident the country will meet its 8 percent growth target for 2009 – a figure the government says it needs to maintain social and political stability.