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China GDP gains 10.3% to US$6 trillion in 2010
By Wang Yanlin |
January 20, 2011, Thursday
|
Online Edition
Online Edition
CHINA'S economy performed better than expected in the fourth quarter of 2010, closing the year with an annual gross domestic product of 39.7 trillion yuan (US$6 trillion), up 10.3 percent from 2009, the National Bureau of Statistics said today.
China reported a 9.8 percent expansion in fourth-quarter GDP, which picked up from the pace of 9.6 percent in the previous three months.
As the world's second-largest economy, China's growth rate in 2010 was faster than 2009's 9.2 percent and far beyond the global average estimated at nearly 5 percent last year.
"China's economy is comparatively well shaped," Ma Jiantang, director of the statistics bureau, said at a press conference today. "China managed to cope with a complicated economic environment last year and secured a stable growth."
In 2010, a sovereign debt crisis hit Europe while other economic powerhouses like the United States and Japan were struggling to keep their recovery alive.
But Ma also pointed out that China's growth pattern remained resource-intensive and the country needs a bolder and broader restructuring to sustain the development.
How to balance between an overheated economy and a cooling one continues to test policy makers. China has announced a shift to a prudent monetary policy, but will keep the policy flexible according to changes.
The manufacturing sector expanded 12.2 percent from a year earlier to 18.6 trillion yuan last year; services industry gained 9.5 percent to 17.1 trillion yuan; and agriculture upped 4.3 percent to 4 trillion yuan.
China targeted an 8 percent growth this year and expected to revamp its economy to a service-led type that relies less on exports of low value-added products.
High inflation, which the government is trying to bring under control, has shown signs of moderation toward the end of 2010.
Consumer Price Index, the main gauge of inflation, rose 4.6 percent on an annual basis in December, easing from November's 5.1 percent, a 28-month high, and settling the whole year's rate at 3.3 percent.
China reported a 9.8 percent expansion in fourth-quarter GDP, which picked up from the pace of 9.6 percent in the previous three months.
As the world's second-largest economy, China's growth rate in 2010 was faster than 2009's 9.2 percent and far beyond the global average estimated at nearly 5 percent last year.
"China's economy is comparatively well shaped," Ma Jiantang, director of the statistics bureau, said at a press conference today. "China managed to cope with a complicated economic environment last year and secured a stable growth."
In 2010, a sovereign debt crisis hit Europe while other economic powerhouses like the United States and Japan were struggling to keep their recovery alive.
But Ma also pointed out that China's growth pattern remained resource-intensive and the country needs a bolder and broader restructuring to sustain the development.
How to balance between an overheated economy and a cooling one continues to test policy makers. China has announced a shift to a prudent monetary policy, but will keep the policy flexible according to changes.
The manufacturing sector expanded 12.2 percent from a year earlier to 18.6 trillion yuan last year; services industry gained 9.5 percent to 17.1 trillion yuan; and agriculture upped 4.3 percent to 4 trillion yuan.
China targeted an 8 percent growth this year and expected to revamp its economy to a service-led type that relies less on exports of low value-added products.
High inflation, which the government is trying to bring under control, has shown signs of moderation toward the end of 2010.
Consumer Price Index, the main gauge of inflation, rose 4.6 percent on an annual basis in December, easing from November's 5.1 percent, a 28-month high, and settling the whole year's rate at 3.3 percent.
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