Mon, Jan 17, 2011 - Page 11 News List

Chinese GDP may have expanded 10% last year: National Bureau of Statistics


The Chinese economy could have grown about 10 percent last year and the biggest risk this year is “overheating,” according to Yao Jingyuan (姚景源), chief economist at the nation’s National Bureau of Statistics (NBS)

Consumer prices may have climbed more than 3.2 percent, but definitely less than 3.5 percent, Yao said at a conference in Beijing yesterday.

China’s economy grew 10.6 percent in the first three quarters of last year, as inflation accelerated in November to the fastest pace in 28-months.

The world’s fastest-growing major economy will expand 8.7 percent this year, down from a forecast 10 percent last year, as the government tries to limit increases in asset prices and unwind its fiscal stimulus, the World Bank said.

“Too rapid growth and overheating” are the biggest risks to the economy, Yao said.

Ample supply of grains and industrial overcapacity will help to cap inflation, he said.

Yao’s estimate for China’s expansion was the same as that given by Chinese Vice Premier Li Keqiang (李克強) on Jan. 5, and central bank Governor Zhou Xiaochun (周小川) on Dec. 15.

The National Bureau of Statistics is scheduled to release major data, including full-year economic growth and consumer price index figures for last month, later this month.

The Chinese economy “will slow down moderately and inflation will continue to run relatively high this year,” according to a statement from Tsinghua University’s Center for China in the World Economy, released yesterday.

Growth this year could slow to 9.4 percent, from an expected 10.2 percent last year, the center said in the statement. Inflation may accelerate from 3.3 percent last year to 3.9 percent this year.

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