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Morgan Stanley upgraded its forecasts for China's 2007GDPgrowth from 9.3 percent to 10.5 percent andconsumer price index(CPI) inflation from 2.5 percent to 2.9 percent.
A Morgan Stanley research paper that reached in Beijing Wednesday said the forecasts readjustment was made on China's stronger-than-expected developments in the first five months of the year and a more favorable external environment going forward.
The paper said the latest data through May indicate very buoyant activity in almost every aspect of the economy, including fixed-asset investment,retailsales, external trade, and industrial production.
"The Chinese authorities appear poised to initiate a new round of macroeconomic tightening to guard against the risk of a generalized economic overheating," the paper said.
China recorded a 10.7 percent GDP growth in 2006 and an 11.1 percent growth for the first quarter of this year.
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