Heat Still On China's Economy

26 January 2007

BEIJING: China's economy shows no signs of cooling, according to the country's National Bureau of Statistics, which revealed growth of 10.7% last year. The figure was the highest since 1995 and exceeded economists' expectations both at home and overseas.

Statistics commissioner Xie Fuzhan said growth in 2007 should continue to be "fast and stable".

Total economic output last year came to 20.9 trillion yuan ($2.7tn; €2.1tn; £1.3tn). It brought China closer to overtaking Germany as the world's third-largest economy after the US and Japan. Germany's economic output last year was €2.3tn, but its growth rate was just 2.5%.

Fuzhan reported that investment in China's real estate and other assets surged, while consumer spending grew more slowly. He added that the country is "still not seeing significant results" in reducing reliance on exports by boosting domestic consumption.

Data sourced from International Herald-Tribune; additional content by WARC staff