- Registration time
- Last login
- Online time
- 5724 Hour
- Reading permission
see China's economy is galloping, like a horse
China has revised its 2004 economic growth rate to 10.1 percent from 9.5 percent following the recent completion of an economic census, the National Statistics Bureau reported Monday.|
China's gross domestic product grew a feverish 9.8 percent for all of 2005, the official Xinhua News Agency reported earlier, citing the National Development and Reform Commission. That estimate, issued just after the New Year, likely will be revised when official data are released months later.
China had reported in December that based on the census, the size of the entire economy was about 20 percent bigger than previously thought because it had underestimated the services sector. Since then, the government has gradually released figures for various years.
The figures show the economy growing even faster than expected, resisting government efforts to curb growth that has strained energy supplies and transport systems.
The estimated size of China's economy in 2004 was revised upward by 16.8 percent to 15.988 trillion yuan ($1.98 trillion, from the previously reported 13.688 trillion yuan ($1.7 trillion), the Statistics Bureau said in a report posted on its Web site. The bureau also revised GDP data for the years 1993 to 2003.
Based on the revisions, China's GDP grew by an average annual rate of 9.6 percent between 1979 and 2004, 0.2 percentage point higher than originally reported. The fastest expansion, 14 percent, was seen in 1993. The slowest was 7.6 percent, in 1999.
Strong exports and massive flows of foreign investment have helped support continued robust growth, despite efforts by regulators to rein in spending on excess factory capacity and real estate development and other construction projects that they say could lead to financial problems.
Retail spending and other forms of domestic consumption, meanwhile, are playing an increasingly important role, the China Securities Journal reported Monday, citing a National Statistics Bureau economist, Yao Jingyuan.
Yao forecast steady growth for 2006, noting that the relatively low level of inflation in recent months, about 1.8 percent, was encouraging domestic demand. Such demand is seen as crucial for China's continued strong growth, given the potential for downturns in foreign investment and export demand.
Rising car and home purchases have helped boost demand, the report cited Ba Shusong, an economist with the government-run Development Research Center, as saying