March 24, 2005

Chinese economy to grow at robust rate

SHANGHAI

The Chinese economy will continue to grow at a robust rate of eight per cent annually through the rest of the decade, government researchers said in a report published Monday.

The forecast by the Development Research Institute, a think-tank attached to the State Council, or cabinet, was published in the state-run newspaper China Securities Journal.

It exceeds earlier predictions of growth averaging about seven per cent.

By 2010, China’s average per capita gross domestic product will reach $1,700 (U.S.), the report said.

China’s GDP grew 9.5 per cent on-year in 2004 to 13.65 trillion yuan ($1.65 trillion U.S.) — or roughly 10,500 yuan ($1,200 U.S.) per capita.

The high growth came despite government efforts to slow investment, which authorities fear could ignite politically and financially destabilizing inflation.

The government has forecast growth for this year at between eight and nine per cent.

The Associated Press

Print | Comment