Standard & Poor's, the second largest credit rating agency in the world, projects that China might grow beyond expectations in 2012, beating Beijing's forecast lowered earlier this month by 0.5% to 7.5%.

The rating agency forecasted in a report that China will likely expand by 8.3% this year, the fastest pace among other countries in Asia and across the globe.

Growth will be driven by local governments' penchant for growth and policymakers' increasing support to small and midsize enterprises, according to the rating agency, which warned that the current situation in Europe and the Middle East could weigh on the suggested expansion.