China's economy grew faster than forecast in 2005 - senior official
SHANGHAI (AFX) - China's economy grew 9.8 pct in 2005, a senior Chinese
official was quoted as saying, faster-than-expected after a major revision
upwards last month of the size of the economy in 2004.
Ou Xinqian, vice minister of the National Development and Reform Commission
(NDRC), said the final year figure would be up 0.4 percentage point from the
commission's previous forecast of 9.4 pct.
"This figure was adjusted according to the newly revised 2004 GDP," Xinhua
quoted Ou as saying, referring to last month's revision of China's gross
domestic product data.
That revision showed the total value of China's economy at the end of 2004
was 16.8 pct, or 284 bln usd, larger than previously estimated.
The recalculation was largely due to under-reporting of the service sector.
It meant that China overtook Italy to become the world's sixth largest economy
with total GDP of more than 1.97 trln usd.
The revised 2005 growth figure of 9.8 pct is not the final official number,
which will be released by the National Bureau of Statistics when it reports the
annual economic data later this month.
Prior to the official December revision, the central bank said the economy
would grow by more than 9.0 pct in 2005, with inflation of about 2.0 pct.
According to Ou, China's consumer price index came in at around 2.0 pct in
2005, while fixed asset investment, a measure of how much cash the government is
spending on infrastrucutre, grew 25 pct.
bms/kma/bmm/wk
I have a good feeling for 2006 & think we could see new highs this year.
Good luck all.
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