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Chinese economy to grow by 9.28 percent in 2011: Report


August 22, 2011 - Beijing

The Chinese economy will grow by 9.28 percent this year if the United States avoids a double dip recession and eurozone clears a debt crisis, a report has said.

According to economists from China's Xiamen University and the National University of Singapore, who brought out the report also said that the country will have a GDP growth of 8.91 percent, Xinhua reports.

"We think that China's GDP growth will inevitably slow down at the stage it is at, due to weak recovery in the external markets and the macroeconomic policies gradually coming back to normal in China," the report said.

The Macroeconomic Outlook 2011-2012 and Policy Simulations report also projected that the consumer price index inflation will hit 5.34 percent for the year.

Chen Kang, professor of economics from the Lee Kuan Yew School of Public Policy, National University of Singapore, said that the forecasts were based on 'prudently optimistic' assumptions that the United States economy will grow by 1.7 percent this year.

The researchers said China should keep curb the rising inflation and avoid excess investments.

"Given the complex factors leading to the inflation, it will take quite some time for it to be stabilized. The inflation will stay high at 4 percent to 5.4 percent this year and next year," the report said.

ANI

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