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China's 2005 GDP grew at 9.8 percent

By (Chinadaily)
Updated: 2006-01-17 16:39

China's economy grew a faster than expected 9.8 percent last year, the
country's tax bureau said, after a major revision upwards last month of
the size of the economy in 2004.

Xie Xuren, director of the State Administration of Taxation, said at a
briefing in Beijing that the Chinese economy grew at 9.8 percent while
industrial production was estimated to have expanded by 19 percent.

Ou Xingqian, vice-director of the National Development and Reform
Commission, also said this month that gross domestic product ( GDP) last
year grew by 9.8 percent.

The government recently revised 2004 GDP growth up to 10.1 percent
following a year-long survey aimed at rectifying the reporting of
inaccurate economic statistics.

That revision showed the total value of China's economy at the end of
2004 was in reality 16.8 percent, or 284 billion dollars, more than
previously estimated.

The miscalculation, mainly in the service sector, meant China passed
Italy to become the world's sixth largest economy with total GDP of more
than 1.97 trillion dollars.

The revised 2005 growth figure of 9.8 percent from Xie and Ou is not the
final official number, which will be released by the National Bureau of
Statistics when it reports the annual economic data late this month.

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