China think-tank ups growth forecast

BEIJING - A CHINESE government think-tank has raised its forecast for economic growth in the first quarter to around 11 per cent, up from a previous estimate of 10.2 per cent, state media reported yesterday.

The expansion is being driven by rising domestic consumption and exports, the International Financial News reported, citing a report by the State Information Centre, which comes under the State Council or Cabinet.

The think-thank estimated in February that the economy would grow by 10.2 per cent in the first quarter.

China is likely to see a fifth consecutive year of double-digit growth in 2007, the central bank said in remarks published last Friday, just weeks after the government called for a slowdown in the economy.

The world's fourth-largest economy will probably expand by 10 per cent this year, compared with 10.7 per cent last year, according to the central bank. Its forecast for growth in the first quarter stood at 10.2 per cent.