2009 forecast rises for China's growth

Many international institutions have raised their forecasts for China's GDP growth for this year. They credit the government's stimulus measures, saying the efforts have paid off.

The Asian Development Bank has raised its forecast for China's economic growth in 2009 to 8.2 percent, from its previous forecast of 7 percent.

The bank says the recovery is stronger than expected. It also predicts developing economies in Asia will recover from the global economic crisis before the rest of the world.

The Manila-based bank says additional stimulus measures next year will help boost China's GDP growth to 8.9 percent.

Zhuang Jian, Senior Economist of Asian Development Bank said "The Chinese government has been adopting active fiscal policy and moderately easy monetary policy. These have driven up domestic demand, and in turn offset negative impacts of weakening overseas demand."

The World Bank has also adjusted its China forecast up from 6.5 percent to 7.2 percent. The lead economist of its China Office says the first three quarters of this year have been unexpectedly good.

Ardo Hansson, Lead Economist of World Bank China Office said "I think everybody believes the economy will probably bounce back to the government's target of 8 percent... Certainly I think it's making contribution that China's trade surplus has been dropping..."

Hansson also attributes credits the government stimulus measures. He says although it's impossible for China alone to push forward global economic recovery, the rapid growth of its economy is sending positive signals for rest of the world.