China's economy to grow by 7.5 percent

China's economy to grow by 7.5 percent Beijing: The Chinese economy will grow by 7.5 percent in 2012, although the economic rebound still needs work, the country's economic planning agency said.

China will likely achieve its economic growth target for this year, said national development and reform commission minister Zhang Ping.

He said China's fiscal revenue in 2012 is expected to increase to 12.7 trillion yuan (about $2 trillion), compared to 10.37 trillion yuan in 2011.

The growth slowed to 7.4 percent in the third quarter, a decline for seventh consecutive quarter, sparking concerns that China may repeat the economic downturn seen in 2008, the China Daily reported Sunday.

But Zhang said the slowdown this year was partly due to government intervention, as a more moderated pace would allow leeway for China to shift its growth model.

IANS