BEIJING, Dec. 7 (UPI) -- China's government think tank lowered its forecast for the country's economic growth for this year to 9.2 percent from a previous forecast of 9.4 percent.
The Chinese Academy of Social Sciences said the revision in gross domestic product forecast reflects various factors, including a volatile world economic recovery and the country's tight monetary policy, China's officials Xinhua news agency reported.
The academy said it expects GDP growth will reach 8.9 in 2012, assuming "there is no significant deterioration in the global economic and political conditions and no serious natural disasters nor other problems at home."
Inflation for 2012 was projected to be 4.6 percent, down from 5.5 percent it forecast for this year.
China's GDP rose 10.4 percent year-on-year in 2010. In the first three quarters of this year, GDP grew 9.4 percent from the same period of last year.
The Asian Development Bank said earlier it expects China's economy to grow at 8.8 percent in 2012.
