China's economic growth exceeds expectations
China's economic growth exceeds expectations
Thursday 21st January 2010
China has revealed its economy exceeded even its own ambitious expectations to grow by 8.7 per cent last year.The news could place China as the world's second largest economy, behind the US and overtaking Japan; which will announce its GDP figures next month.
China's quarter four (Q4) growth exceeded the expectations of forecasters, with GDP up 10.7 per cent from October to December, compared to 2008, and up significantly from 9.1 per cent for the previous quarter.
Industry went a long way to securing the success of China's economic report, with output up 18 per cent in Q4, and 11 per cent over last year as a whole.
Announcing the results, Ma Jiantang, commissioner at the National Bureau of Statistics of China, said: "The year 2009 is the most difficult time for China's economic development in the new century.
"In face of the severe impact brought about by the global financial crisis in a century and the most complicated domestic and international situations, the central party committee and the state council sized up the situation, made scientific decision and headed the whole nation united as one to surmount the difficulties of our time; to stick to implement the proactive fiscal policy and moderately easy monetary policy; and to fully implement and further improve the package plan targeting on tackling with the global financial crisis."
But the results have come amid rising inflation in China, and there are fears the economy could be growing to quickly.
Mr Ma added: "At present, the base of world economy recovery is relatively weak; there are uncertainties in domestic economic development.
"Facing the complex situation of coexistence of difficulties and opportunities, we should unswervingly carry out various plans set by the central government on economic work… and achieve a steady and fast growth of national economy."
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