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 | | Posted by admin on Monday, January 02, 2006 - 08:18 PM |
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 |  | China's economy grew an estimated 9.8% in 2005, much faster than expected, according to a senior Chinese official.
China's economic growth has boosted disposable wealth
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Ou Xingqian, a senior member of the National Development
and Reform Commission, made the remarks at a meeting of the economic
planning body.
The comments, although not official confirmation of the growth rate, are the first indication of the figure.
If confirmed, it means China's economy grew faster in the previous year than in 2003 and 2004.
It would also prove that the government's efforts to
cool down sectors of the economy in danger of overheating have proved
largely unsuccessful.
Government action
Growth in state-controlled industries, such as
construction, which have largely driven China's economic boom, are
being increasingly controlled by the authorities.
However, much of the recent expansion in the Chinese
economy has come from the private sector in areas such as services and
banking.
Previous forecasts have suggested China's economy would
grow 9.4% in 2005, in line with the 9.5% growth seen in both 2003 and
2004.
Chinese output totalled 15.9 trillion yuan ($1.9 trillion) in 2004, 18% higher than was first estimated.
Official estimates for 2005 growth will be published later this month.
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