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ADB revises China's growth up to 8.2 percent

THE Asian Development Bank today raised its forecast for China's economic growth this year to 8.2 percent from the 7 percent March prediction, and said the country should maintain its fiscal stimulus plan to sustain development.

It also lift the estimation for next year to 8.9 percent from 8 percent, based on the expected maintenance of the stimulus package and a moderate recovery in the international economy, said ADB's Asian Development Outlook Update released today.

"The stimulus and the aggressive monetary easing in 2009 has softened the blow of the global slump on China's economy," said Jong-Wha Lee, ADB's chief economist. "The 8 percent growth target for this year now looks within reach."

The Chinese government set the 8 percent target at the start of this year after it launched the 4-trillion-yuan (US$586 billion) stimulus package and adopted an easy stance on fiscal and monetary policies.

"We assume that the fiscal stimulus will be maintained through 2009 and 2010," said the report.

"It is also assumed that monetary policy, after some fine-tuning, will be kept at highly stimulatory levels until inflation returns."


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