The original forecast for 2010 was for a growth rate of about 8%. Now this forecast has been substantially increased.
A think tank, The State Council’s Development Research Center, in its report published in the China Economic Times, has now amended this growth rate from 8% to 9.5%.
One of the results is that this year is expected to see large scale job creation. And, as the think tank points out, jobs means social stability.
Zhang Liqun, a macro-economist at the center, added, "In 2010, the external environment will remain rather grim but it will not deteriorate further." Zhang hopes that the export segment, adversely impacted by slowdown and a key driver of economic growth, will perform better given to positive economic indications in the overseas market.
TopNews.com noted that China reported 8.9% growth rate in the third quarter compared to 7.9% and 6.1% during the second and first quarter respectively.