China's Economy Up 9.4%, GDP to Double by 2010

21 October 2005

In the first nine months of this year the Chinese economy grew by 9.4%, reports the National Bureau of Statistics. Nonetheless, the NBS is worried that China's continuing trade imbalance with the rest of the world will pose a threat to national economic stability.

Q3 was the ninth consecutive quarter to maintain annual growth of 9% or higher, and followed rises of 9.5% in the second quarter and 9.4% in the first.

But the government of the world's largest developing nation is anxious to reduce reliance on exports and investment from overseas, while at the same time encouraging domestic demand. It is also concerned at the present high level of state spending.

Rails the CPC Central Committee's Proposal for Formulating the 11th Five-Year Program (2006-10) for National Economic and Social Development: "Greater attention should be paid to a more balanced and efficient growth."

The document warns that bottlenecks in land, water, energy resources and environmental protection pose a severe threat to China's economy. The promotion of social harmony is also an "important target and necessary prerequisite" for China's development, says the Central Committee.

  • Coincident with the latest economic data, the ruling Communist Party published the latest of its ongoing five-year plans. This sets the target of doubling China's per capita gross domestic product during the decade 2000 to 2010.

    The proposal, which will be submitted to China's ruling legislature for scrutiny and approval, reiterates that economic growth and social progress should be engineered with a "scientific concept of development".

    This is a term often used by top Chinese politicians, and is interpreted by observers to indicate a shift in the government's development philosophy from growth-centered to people-centered.

    Data sourced from People