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China's economy accelerates to 10.7% growth for 4Q

Posted by Junichi Kawagoe on 22.2010 News Out of English Newspaper   0 comments   0 trackback
China's economy continues its impressive expansion, marking year-on-year growth of 10.7 percent between October and December last year. The double-digit recovery illustrates the strength of the Chinese economy as a new engine for the global economy.

China's National Bureau of Statistics announced the figure on Thursday. The nation's overall gross domestic product for 2009 reached some 33.5 trillion yuan or 4.9 trillion US dollars, with a growth rate of 8.7 percent.

China's growth slowed to below 10 percent from July to September 2008 due to the global financial crisis.
It dropped as low as 6.2 percent in the January-March quarter last year.
But it improved after that, thanks to the Chinese government's massive stimulus package.

At a press conference, director of the National Bureau of Statistics Ma Jiantang praised the government for implementing measures to prevent an economic slowdown and realize a quick recovery.

The Chinese economy is expected to surpass Japan as the world's second largest following the United States, as the government continues stimulus measures to boost domestic demand, and a world recovery helps Chinese exports.

But land prices are surging in urban areas as a result of China's lax monetary policy. Concern is growing about the economy overheating. NHK's correspondent says the Chinese government faces the difficult challenge of steering its policy for sustainable growth without causing inflation.

2010/01/21 12:57(JST)
(JST: UTC+9hrs.)
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