China saw 10 percent GDP growth in 2010
China's Central Bank in Beijing. Reuters
According to the China’s central bank, China experienced 10 percent growth in the Gross Domestic Product (GDP) in 2010.
In a speech mid-December but only now published on the website of the People’s Bank of China, Zhou Xiaochun, head of China’s central bank, said, ‘GDP growth in 2010 will be around 10 per cent.’ This lines up with predictions that the central bank made about a year ago.
The economic growth has brought about high inflation, especially with housing and food.
Christmas Day saw the second interest rate hike by the central bank in three months. Chinese officials are concerned that over-inflation could spark unrest.
The central bank also has signaled that it will follow a ‘prudent monetary policy’ – signaling further interest rate hikes and other tightening measures are under consideration.
