| Economy expected to expand 8% annually |
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| Tuesday,March 22,2005 Posted: 10:44 BJT(0244 GMT) |
BEIJING, March. 22 -- China's economy would grow by up to 8 percent annually for the next five years but the rapid expansion would not pose a threat to neighboring countries, domestic media said.
Instead, China's economic development would offer greater opportunities for its trading partners, Ma Kai, minister in charge of the National Development and Reform Commission (NDRC) was quoted by Xinhua as saying.
"China's development won't pose any threat to other countries," said Ma. Instead "it will provide the world’s biggest market in the coming 15 years."
Ma was speaking at the China Developmental Forum in Beijing on Sunday.
During the forum, the Development Research Center of the State Council issued a report predicting that China would maintain around 8 percent annual growth from 2006 to 2010.
"Calculated according to constant prices since the year 2000, China's gross domestic product (GDP) would reach around US$2.3 trillion at the end of 2010. The per capita GDP would reach around US$1,700," the report, cited by Xinhua, said.
The report said from 2010 to 2020, China's annual GDP growth rate would slow slightly to around 7 percent on average.
The major driver of growth in the period from 2006 to 2020 would remain rapid capital formation, which would contribute between 60 to 70 percent of economic growth, it said.
China's economy has maintained a near 9 percent growth rate over the last 20 years since the nation began implementing market economic reforms.
(Source: Shenzhen Daily/Agencies)
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