OECD: China to grow 9.7% in next 2 years

The Organization for Economic Cooperation and Development (OECD) expects China’s economy to grow by 9.7% between 2011 and 2012, state media reported. The OECD said China’s economic growth should remain robust over the next two years as a rise in domestic demand balances the effects of slowing exports. The OECD is considering adding China to the 33 other industrialized nations in the organization. China is currently listed as an enhanced engagement country of the OECD. The organization forecast world economic growth to slow to 4.2% in 2011 from 4.6% this year, before rebounding back to 4.6% in 2012. Beijing has set a full-year economic growth target of 8%.