China's gross domestic product grew 9.9 per cent in 2005 and at the same annual rate in the last quarter, riding high on strength in exports and investment, the National Bureau of Statistics said today.
The economy grew 10.1 per cent in 2004 and 10.0 per cent in 2003, the bureau said.
It was third consecutive year of growth of around 10 per cent and the head of the statistics office expressed confidence about 2006 while warning of the risks posed by the breakneck investment that has been driving that growth.
"It looks like the economy is like a supertanker," said Stephen Green, senior economist at Standard Chartered.
"The brakes were applied very gently in 2004 with those macro controls, then constrained credit growth, yuan appreciation. "All these things should slow the economy down. But as a supertanker, it's got so much momentum behind it."
The 2005 GDP growth rate takes into account the government's announcement in December that the economy was 16.8 per cent bigger than previously thought in 2004. This followed a national census that found the service sector and private business had been under reported.