China's GDP Increased by 10.3% in 2010

China's gross domestic product (GDP) registered a year-on-year increase of 10.3 percent reaching 39.79 trillion yuan (approximately 6.04 trillion US dollars) over the course of 2010, the National Bureau of Statistics (NBS) announced Thursday.

The growth rate was 1.1 percentage points higher than that registered last year, according to Ma Jiantang, the Commissioner of the NBS, who read the bureau's report on the 2010 economic figures at an official press conference in Beijing.

China's GDP grew 9.8 percent in the final quarter of the year, higher than its third quarter growth rate of 9.6 percent.

Earlier, the government had set its annual economic growth target at around 8 percent for 2010.

At the press conference, Ma also released data on the country's consumer price index (CPI).

China's CPI rose 4.6 percent in December from a year earlier, 0.5 percentage points lower the 5.1 percent increase that was registered in November.

The inflation rate stood at 3.3 percent for the full year, which was above the 3 percent target for the year set by the government in early March.

The producer price index (PPI), another measure of inflation at the wholesale level, registered a year-on-year increase of 5.5 percent over the course of the year.

The NBS also reported on the country's industrial output, investment, consumption and export situation.

China's industrial value-added output was up 15.7 percent for 2010 when compared to the annual figure for 2009, with the growth rate registering a 4.7 percentage point increase on the pace of growth registered in 2009, the NBS said.

In addition, the profits of large-scale industrial enterprises - which refers to enterprises with annual sales revenue that exceeds five million yuan (about 750,000 US dollars) - expanded 49.4 percent from a year earlier to reach 3.88 trillion yuan in the first eleven months of the year.

China's fixed-asset investment rose 23.8 percent from a year earlier to reach 27.81 trillion yuan (4.22 trillion US dollars).

Urban fixed-asset investment rose to 24.14 trillion yuan, up 24.5 percent from a year earlier, while rural fixed-asset investment rose to 3.67 trillion yuan, up 19.7 percent year-on-year.

Links and Sources
National Bureau of Statistics: 2010 Economic Figures