A survey of 23 economists conducted in January shows the world's third-largest economy will grow 9.5 percent this year, up from the median forecast of 9.0 percent in the previous poll carried out in October.

The poll coincides with growing confidence in Beijing about the sustainability of China's recovery.

Annual GDP growth accelerated to 10.7 percent in the fourth quarter from 9.1 percent in the third quarter, the government said earlier on Thursday. China's annual export growth turned positive in December after 13 consecutive months of falls.

While seemingly mild given the extent of China's monetary stimulus over the past year, the increase in inflationary expectations is likely to worry those already concerned about the possibility of economic overheating.

"Inflation is the key indicator to watch for policy moves in China," said Zhang Lei, an analyst with Bohai Securities.

He said the central bank was likely to raise interest rates in the third quarter if the consumer price index picked up quickly over the next few months.

However, other economists think the People's Bank of China will act much sooner: the central bank, which increased banks' reserve requirement last week, could raise its benchmark one-year lending rate by 27 basis points as early as the second quarter, according to the poll.