Vice-Premier Zeng Peiyan predicted China's economy would grow by 9% in 2005, one percentage point higher than President Hu Jintao's prediction last March but half a point lower than growth in the first half of 2005, South China Morning Post reported. The Asian Development Bank also raised its growth projections from 8.5% to 9.2%, although its 2006 prediction was only raised from 8.7% to 8.8%. The bank's chief economist warned Beijing that if oil stayed at US$70 a barrel for a significant period it would knock China's 2006 growth by 1.1%. ADB's forecasts were based on oil prices of $53 in 2005 and $55 in 2006.
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