China Sees Double-Digit Growth in 2010

      January 21, 2011 10:06

      China has secured its rank as the world's second-largest economy. The National Bureau of Statistics of China on Thursday said the country's economy grew 10.3 percent in 2010 to around US$6 trillion, faster than the 9.2 percent growth in 2009. It was the first time since 2007 that the Chinese economy returned to double-digit growth.

      Although the final figures are not out yet, Japan’s economy assessed by its government based on IMF forecasts is estimated at $5.4 trillion in 2010, around $600 billion less than China's.

      Trade played the biggest role. China's exports totaled $1.58 trillion, up 31.3 percent from 2009, while imports grew 38.7 percent to $1.39 trillion. Investment and private consumption also increased 23.8 percent and 18.4 percent. "China achieved solid growth last year despite the effects of the global financial crisis," said Ma Jiantang of the statistical bureau. "We now stand at a crucial time of moving from a stage of recovering from the financial crisis to stable growth."

      But consumer prices rose 3.3 percent, which was higher than the 3-percent limit sought by the Chinese government. Food prices led the way, up 7.2 percent, and real estate prices increased 4.5 percent.

      Meanwhile, the China Internet Network Information Center said Wednesday that the country's Internet population grew by 73.3 million over the last year to 457 million. Some 330 million people in China access the Internet through their mobile phones, marking an increase of 69.3 million from 2009. But the speed of Internet connections lagged behind at less than half the global average.

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