China eyes 7,5% annual GDP growth until 2010

BEIJING – China aims to maintain an average annual economic growth rate of 7,5 per cent from 2006 to 2010, in line with the country’s long-term goals, the country’s development chief said in an article published yesterday.

The targeted growth rate would deliver an objective in the recent five-year plan for 2010 per-capita gross domestic product to be double the level of 2000, said Ma Kai, head of the Development and Reforming Commission. Ma said the economy now needed to grow just 5,7 annually between 2006 and 2010 for GDP to double its 2000 level, because the average annual growth rate from 2001 to 2005 had been around 8,8 per cent, whereas only 7,2 per cent had been needed.But China needed stronger growth in the decade than previously planned, because its population, now about 1,3 billion, would expand, Ma said.”Taking into account of population growth, the goal of doubling per capita GDP is achievable if only annual growth reaches 7,5 per cent in the 11th five-year plan period.Such a goal is achievable,” Ma said in a speech published on the commission.China’s 11th five-year plan was endorsed by a Communist Party plenum this year.State media have said per capital gross domestic product in China would be lifted to about US$1 600 to US$1 700 by 2010.Economists expect the economy, which in the third quarter was a robust 9,4 per cent larger than a year earlier, to grow at least nine per cent for all of 2005 before slowing marginally next year.- Nampa-ReutersMa said the economy now needed to grow just 5,7 annually between 2006 and 2010 for GDP to double its 2000 level, because the average annual growth rate from 2001 to 2005 had been around 8,8 per cent, whereas only 7,2 per cent had been needed.But China needed stronger growth in the decade than previously planned, because its population, now about 1,3 billion, would expand, Ma said.”Taking into account of population growth, the goal of doubling per capita GDP is achievable if only annual growth reaches 7,5 per cent in the 11th five-year plan period.Such a goal is achievable,” Ma said in a speech published on the commission.China’s 11th five-year plan was endorsed by a Communist Party plenum this year.State media have said per capital gross domestic product in China would be lifted to about US$1 600 to US$1 700 by 2010.Economists expect the economy, which in the third quarter was a robust 9,4 per cent larger than a year earlier, to grow at least nine per cent for all of 2005 before slowing marginally next year.- Nampa-Reuters

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