Global ratings agency Standard and Poor's has predicted that despite difficulties in the world economy China's gross domestic product (GDP) will grow 8.3 percent year on year in 2012.
This growth rate, while below the 9.2 percent recorded last year, remains higher than the 7.5 percent official target set recently by China's National People's Congress.
Standard and Poor's stated that in the current year the Chinese government is likely to increase fiscal spending and cut taxes to boost household consumption. It added, however, that potential negative developments in the euro zone and in the Middle East could threaten China's economic growth.