Different from the official statement that "China's economy is still on a normal track," Song Guoqing, an economist with the Peking University's research center, expressed his worries that the economy is overheated.

At an economic forum yesterday, thirteen top research bodies include Peking University's China Center for Economic Research, Citigroup and the State Information Center, predicted that the consumer price index (CPI), a key gauge of inflation, will rise a record high of 4.5 percent in the third quarter and another interest rate hike is likely in the quarter.

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