China: Full-year growth returns to double digit pace in 2010
January 20, 2011
In the fourth quarter, GDP expanded 9.8% over the same period the previous year. The reading represented a slight acceleration from the 9.6% expansion registered in the third quarter, contrasting market expectations, which had seen growth moderating to 9.2%. The unexpected pick-up in Q4 raises concerns about possible overheating of the economy, despite several tightening measures implemented during last year. According to the National Bureau of Statistics (NBS), GDP reached CNY 39.8 trillion (USD 5.9 trillion) in 2010, as the full-year growth was 10.3%, up from the revised 9.2% rate for 2009 (previously reported: +9.1%). The strong result confirmed China as the second largest economy in the world in USD terms, surpassing Japan with an estimated GDP of USD 5.6 trillion in 2010. The United States remains on top of the ranking with its GDP projected to have reached USD 14.7 trillion last year. The National Development and Reform Commission (NDRC) currently expects economic growth to slow to 8.0% this year.