China's economy records 9.9% growth in 2005

China's economy grew at an impressive 9.9 per cent in 2005 while the outlook for 2006 is optimistic.

Powered by record foreign trade, mild inflation and fast industrial and agricultural growth, China's economy grew at an impressive 9.9 per cent in 2005 while the outlook for 2006 is optimistic, a government spokesman said in Beijing on Wednesday.

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"National economic growth shows good momentum of rapid increase, improved efficiency, mild rise of prices and enhanced vitality," Commissioner of National Bureau of Statistics, Li Deshui told reporters.

Preliminary estimation shows the gross domestic product (GDP) for the year stood at 18.23 trillion yuan ($2.26 trillion), Li said, noting that the rate was marginally lower than the 10.1 per cent growth in 2004.

The value-added of the primary industry reached 2.27 trillion yuan, up 5.2 per cent; that of the secondary industry was 8.62 trillion yuan, up 11.4 per cent; and that of the tertiary industry was 7.34 trillion yuan, up 9.6 per cent.

Li said last year's growth was "fairly balanced." The GDP increased 9.9 per cent, 10.1 per cent, 9.8 per cent and 9.9 per cent, respectively, in the four quarters of last year.

Buoyed by steady global demand, China, the world's third largest trading nation posted a record trade surplus of $101.9 billion last year with total foreign trade touching $1.4 trillion.

The trade surplus in 2005 showed an increase of $69.9 billion from 2004, it said.