News / Asia

    China Continues Strong Economic Growth

    Chinese 100 yuan bank notes
    Chinese 100 yuan bank notes
    Stephanie Ho

    China posted double-digit growth in 2010, despite expectations of an economic slowdown in the fourth quarter. The National Bureau of Statistics head, Ma Jiantang, says China’s overall economic growth for last year was 10.3 percent.

    Ma says although China’s economic growth continues with "great stability," there is still, "a lot of work to be done to improve the quality" of that growth.

    Balance

    The Chinese leadership is working to balance economic growth with inflation, which reached a 28-month high in November.

    Figures released Thursday showed that inflation eased slightly in December. But Ma says the danger of higher prices has not yet passed.

    Although the government at all levels has taken various measures to cool inflation, Ma says the 2011 price trends cannot be taken lightly and there is "huge expectation that consumer prices could still rise."

    Monetary policies

    He blamed rising prices on the lax monetary policies of developed economies for fanning speculative demand and driving commodity prices higher. But Ma acknowledged that increased costs for wages, land and other factors in China are also pushing prices higher.

    In an effort to curb inflation, China has raised the amount of required reserves for banks, and has also raised interest rates. The government is also debating curbing credit, with recent reports pointing to possible caps on bank lending.

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