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China says economy grew by 10.7 percent in 2006

China says economy grew by 10.7 percent in 2006

China's sizzling economy grew by 10.7 percent last year and faces strains from a soaring trade surplus and excessive investment in some industries, the government said Thursday.
The annual growth figure, reported by the National Statistics Bureau, was China's highest since 1995 and exceeded forecasts by both Chinese and foreign economists.
The economy is expected to continue "steady and comparatively fast development" this year, the agency's commissioner, Xie Fuzhan, said at a news conference.
Investment in real estate and other fixed assets grew by 24 percent, the agency said. The government has been trying to hold down investment growth, warning that excessive spending could spark inflation or lead to a debt crisis.
"Outstanding problems still exist with the irrational relationship between investment and consumption, the imbalance of payments and excess liquidity in the banking system," Xie said.


Updated : 2021-05-18 04:42 GMT+08:00