China's average annual growth rate between 1993 and 2005 was apparently 10%, according to Beijing's recently upwardly revised statistics. That's caused Global Insight, a Waltham, Mass.-based economic forecasting firm, to boost its China growth forecasts for this year and next.
For 2006, the firm is projecting about 9.5% inflation-adjusted growth for China's economy, up from its previous forecast of 8.8%. For 2007, Global Insight forecast 8.9% real growth, up from its previous projection of 8.4%.
Noteworthy: "Since Chinese energy demand has played a big role in the steady rise in oil prices over the past three years, the stronger-than-previously-expected outlook for China's economic growth means that demand-side fundamentals in the oil and energy markets could keep prices high," the forecasters add.