China eyes strong growth to 2010
(Reuters)
Updated: 2005-10-25 21:15

China aims to maintain average annual economic growth rate of 7.5 percent from 2006 to 2010, in line with the country's long-term goals, the country's development chief said in an article published on Tuesday.

The targeted growth rate would deliver an objective in the recent five-year plan for 2010 per-capita gross domestic product to be double the level of 2000, said Ma Kai, head of the Development and Reforming Commission.

Ma said the economy needed to grow just 5.7 annually between 2006 and 2010 for GDP to double its 2000 level, because average annual growth rate from 2001 to 2005 had been around 8.8 percent, whereas only 7.2 percent had been needed.

But China needed stronger growth in the decade than previously planned, because its population, now about 1.3 billion, would expand, Ma said.

"Taking into account of population growth, the goal of doubling per capita GDP is achievable if only annual growth reaches 7.5 percent in the 11th five-year plan period," Ma said in a speech published on the commission's Web site.

"Such a goal is achieveable," Ma added.

China's 11th five-year plan was endorsed by a Communist Party plenum this year.

Chinese media have said per capital gross domestic product in China would be lifted to about $1,600 to $1,700 by 2010.

Economists expect the economy, which in the third quarter was a robust 9.4 percent larger than a year earlier, to grow at least 9 percent for all of 2005 before slowing marginally next year.

China's strong economic performance in recent years has routinely exceeded the annual official target of around 7 percent.

The government finally raised its target for this year, to 8 percent, but even that is now likely to be exceeded.

Chinese policy markers have tried to play down the significance of the growth targets, a legacy of central planned economy.