Monday, March 21, 2005

Report: Chinese Economy to See Growth

The Associated Press, Monday, March 21, 2005; 7:20 AM

SHANGHAI, China - The Chinese economy will continue to grow at a robust rate of 8 percent annually through the remainder of the decade, government researchers said in a report published Monday. The forecast by the Development Research Institute, a think tank attached to the State Council, or Cabinet, was published in the state-run newspaper China Securities Journal. It exceeds earlier predictions of growth averaging about 7 percent.

By 2010, China's average per capita gross domestic product will reach $1,700, the report said. China's GDP grew 9.5 percent on-year in 2004 to 13.65 trillion yuan ($1.65 trillion) - or roughly 10,500 yuan ($1,200) per capita. The high growth came despite government efforts to slow investment, which authorities fear could ignite politically and financially destabilizing inflation. The government has forecast growth for this year at between 8 percent and 9 percent.

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