Chinese economy to grow by 9.5%, UN says

A United Nations report says the Chinese economy will grow by 9.5% in 2010, state media reported. The annual survey, "Economic and Social Survey of Asia and the Pacific 2010", was released by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) on Thursday. While the report cites the government stimulus package, growing household consumption and stock market recoveries as growth stimulants, it indicates that economic risks include inflation, property bubbles and exchange rate issues. "This is time for China, not only to rely on huge stimulus packages, but also to create sustainable growth which means investing in sustainable infrastructure, especially in rural areas to make sure that social protection is put in place," said Noeleen Heyzer, UN Under-Secretary-General and ESCAP Executive Secretary. The ESCAP survey had a positive outlook for 2010, with Asia-Pacific developing economies forecast to grow by 7% and India to see 8.3% growth.