Gross domestic product (GDP) rose by 9.5 percent year-on-year in the second quarter of 2011, tapering off slightly from the 9.7-percent growth posted in the first quarter and 9.8 percent in the fourth quarter of last year, the National Bureau of Statistics (NBS) said Wednesday....
According to preliminary statistics, the country's GDP reached 20.45 trillion yuan (3.15 trillion U.S. dollars) in the first six months, up 9.6 percent year-on-year, NBS spokesman Sheng Laiyun told a press conference.
According to preliminary statistics, the country's GDP reached 20.45 trillion yuan (3.15 trillion U.S. dollars) in the first six months, up 9.6 percent year-on-year, NBS spokesman Sheng Laiyun told a press conference.
Sheng called the growth deceleration a desired outcome of macro regulation, which was also " normal" after the ending of some stimulus policies...
"The country's economic development is now shifting to self-initiated growth from previous overheated expansion spurred by the economic stimulus," he said.
"The country's economic development is now shifting to self-initiated growth from previous overheated expansion spurred by the economic stimulus," he said.
Although some economic indicators declined, he noted the country's economic performance was "generally good" and had developed according to macro-economic regulation in the first half.
"The momentum of China's economic growth remains strong and the risk of a sharp growth plunge is slim," he said.
China is now less than a quarter of the US GDP but at a growth rate exceeding all other developed countries. There is undoubtedly significant inflationary pressures which may very well force a revaluation of the currency especially with the current US problems.
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