Econintersect: The Chinese economy grew around 10.1 percent last year, the deputy head of China’s top economic planning agency told Reuters on Saturday, which amounts to the fastest pace of annual growth in three years.Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, said the country’s gross domestic product totalled about 39.5 trillion yuan ($6 trillion) in 2010.
For comparison, the EU GDP is a little above $16 trillion and the U.S. is between $14 trillion and $15 trillion. However, both of these economies have a much lower growth rate than China, which accelerated in 2010 from a revised 9.2% expansion in 2009.
But Zhang noted that China may struggle to meet its 2011 inflation target of 4% as domestic labour costs climb and global commodity prices soar.
“There are many factors that are putting upward pressure on domestic prices, and we must note that imported inflation is intensifying this year,” he said at a trade forum.
Zhang reiterated the government aims for growth this year of 8% in China’s economy, the world’s biggest, but stressed that the task of keeping prices stable will top Beijing’s agenda.