Reply #17: Chinese GDP grows 9.4 percent [View All]

[UpInArms]

http://edition.cnn.com/2005/BUSINESS/10/19/china.economy.reut/

BEIJING, China (Reuters) -- China's gross domestic product in the third quarter of 2005 grew 9.4 percent from a year earlier, marking the ninth successive quarter of annual growth of 9 percent or higher, the National Bureau of Statistics has said.

Economists had expected growth of 9.3 percent.

The government is striving to maintain high growth while rebalancing the mix. It wants to promote domestic demand, especially consumption, in order to reduce China's reliance on investment and exports and stifle U.S. criticism of its swelling trade surplus.

"The nation's economy has continued to develop towards the target of macro-regulation as a good momentum of steady and rapid growth is maintained," the NBS said in a statement.

"Nevertheless, there are still problems existing in economic performance, including a weak foundation in agriculture, insufficient improvement in grain production and farmers' incomes, an oversized and unbalanced structure of fixed-asset investment, a noticeable foreign trade imbalance, and a relatively big fall in profits in some industrial companies," it said.

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