The Chinese Academy of Social Sciences has released an annual Blue Paper on the economy, and predicts that China's economy will grow by more than nine percent next year.

Wang Tongsan, senior economist at the academy made the prediction at a news conference to release the annual economic forecast otherwise known as the Blue Book.

"I think China can achieve a GDP growth of 9 percent or even higher. It's 70 percent likely that GDP growth will reach 9 percent in 2009."

The economist explained that economic growth slowed to 9 percent in the third quarter. And statistics for October and November revealed further risks.

Although the Chinese trade volume next year will very likely drop due to the global financial turmoil and economic slowdown, Pei Changhong, a senior economist at the Academy, expressed his confidence about the steady future growth.

"The masses suspect the Chinese economy won't maintain high-speed growth, but I think we can make it. These years, Chinese import-export trade volumes have increased at a fast pace. China and its trade partners are closely connected, and thousands of consumers in these countries depend on our products."

The government think-tank cited China's 4 trillion yuan or 581 billion U.S. dollar stimulus package to boost domestic demand. The central bank also cut the lending rate by 1.08 percentage points a week ago, the largest reduction in 11 years.

The economist predicted consumer inflation could be below 5 percent next year.

The Blue Book also urged the government to tap domestic demand and improve foreign trade polices to help exporters get through hard times.

It also suggested making the most of slumping oil prices to reform the price mechanisms of energy.