Economists are raising their projection of China's economic growth.

Yuwa Hedrick Wong, economic adviser of MasterCard Worldwide, said in Shanghai yesterday that he expected China to post a growth of at least 7 percent this year, or even touch the central government's target of 8 percent.

"Rapid bank lending is the main reason to raise my expectations," he said. In January, when Wong made his previous prediction, he had thought the 8-percent target was hard to reach.

More institutions, including the World Bank, are raising their projection of China's economy. Economists from Calyon yesterday said they had increased their prediction of Chinese economic growth to 7.5 percent from 6.5 percent.

(Shanghai Daily July 8, 2009)