China: Economy grows by 11.4 percent in 2007

24 January 2008

Beijing, China, 24 Jan – China’s gross domestic product (GDP) rose 11.4 percent in 2007, the Chinese government announced in Beijing Thursday, admitting the risk of the economy overheating.

“The risk of the economy moving from rapid growth to overheating still exists,” said Xie Fuzhan, director of the Chinese National Statistics Office told journalists in Beijing.

The statistics office also said that inflation totaled 4.8 percent in 2007, which was the highest level for the last 11 years.

The export sector and the rise in investment in infrastructures were the two driving forces behind Chinese GDP growth, according to Chinese figures.

The Chinese economy continues to grow at a rapid rate despite the government’s efforts to slow expansion, due to fears of increased inflation.

In absolute terms, at the end of 2007 the Chinese economy was worth a total of US$3.43 trillion. (macauhub)