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Industrial Economy in China by 2015

Industrial Economy in China by 2015
PTI
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First Published: Mon, Jan 29 2007. 04 24 PM IST
Updated: Mon, Jan 29 2007. 04 24 PM IST
Beijing: China is likely to be transformed into an industrial economy by 2015 as the country has achieved six of the 10 key indicators to evaluate the industrialisation process.
By 2015, China’s social and economic indicators will reach the level of developed countries in 1960s, says ‘China’s Modernisation Report 2007’.The report details research and opinions of experts and scholars in the Chinese Academy of Science, the Ministry of Science and Technology and China’s elite universities.The prediction was based on China’s economic growth from 1980 to 2004, Xinhua news agency reported.
Since China started economic reform and opening-up, it has maintained an average annual gross domestic product (GDP) growth rate of 9.6 %.The report lists ten indicators to evaluate the industrialisation process. It said China has achieved six of them, including life expectancy, adult literacy and accessibility of higher education.But China still has to improve four other indicators: gross national product (GNP) per capita; the added value of the service industry; the proportion of the work force in agriculture; and the percentage of urban residents among the total population.
China applies to itself a word of caution on this.The Chinese economy grew too quickly in 2006 and the government wants the rate to slow this year, a senior economic planning official said on January 29. “Economic development is moving in the expected direction but economic growth in 2006 was a bit too high and we want it to slow to a reasonable growth rate (this year),” Han Yongwen, secretary-general of the National Development and Reform Commission, told a press conference.
Han declined to give a forecast for economic growth this year, saying this would be set at the National People’s Congress to be held in early March. He noted that at present China’s investment, consumption and foreign trade are “not in balance.” The economy grew 10.7 % last year, beating market forecasts and raising expectations the government would take fresh policy measures this year to try and cool the growth pace.
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First Published: Mon, Jan 29 2007. 04 24 PM IST
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