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China’s GDP up 10.3 percent in 2010

China’s economy resumed a double-digit growth in 2010 by increasing 10.3 percent year-on-year, the National Bureau of Statistics (NBS) announced on January 20.

According to Ma Jiantang, director of the NBS, China’s GDP hit ¥39.8 trillion ($6.05 trillion) last year, overtaking Japan to be the second largest economy in the world. The CPI increased 3.3 percent during the same period of time.

The GDP growth in the fourth quarter of 2010 picked up to 9.8 percent year-on-year from 9.6 percent in the third quarter, after slowing from 11.9 percent in the first quarter and 10.3 percent in the second.

“In the past year, China has consolidated and boosted its recovery from the global financial crisis, and the national economy is generally operating well,” said Ma.” The country is at a key stage of turning recovery into stable growth.”

China set the full-year growth target at 8 percent in early 2010, after the economy recovered from the global economic downturn and expanded 9.2 percent in 2009 year-on-year.

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