China's economy grows 10.7% in first three quarters

By Zhao Huanxin (chinadaily.com.cn)
Updated: 2006-10-19 09:56

China's economy grew by 10.7 per cent in the first three quarters of this year, the National Bureu of Statistics said on Thursday.

Li Xiaochao, NBS spokesman

"According to preliminary estimation, the gross domestic product (GDP) of China in the first three quarters of this year was 14,147.7 billion yuan, a year-on-year increase of 10.7 per cent," Li Xiaochao, spokesman of the NBS, said.

The GDP growth was 0.8 percentage point higher than that in the same period of last year, Li told a press conference held by the State Council Information Office.

In the third quarter, GDP growth was 10.4 percent, down 0.9 percentage points from the second quarter he said.

"The tendency of the economy growing a little bit too fast has been brought under check," Li said.

The Chinese Academy of Social Sciences predicted earlier this month that the country could post a GDP growth of 10.5 per cent for the whole year.

Trade surplus rising

Li said China's imports and exports increased nearly one fourth in the first nine months of this year to hit US$1,272.6 billion, generating a trade surplus of US$109.85 billion.

"China's foreign trade enjoyed rapid growth with a further increase of trade surplus," Li said.

China Daily reporter raises a question about China's imports and exports at the press conference.

He said the total value of imports and exports for the first three quarters of this year was US$1,272.6 billion, up 24.3 per cent year-on-year, or 0.6 percentage point higher over the same period last year.

Of the total, exports was US$691.23 billion, up by 26.5 per cent or 4.8 percentage points lower than the same period of 2005; and the imports was US$581.38 billion, up 21.7 per cent or 5.7 percentage points higher.

Therefore, in the first nine months of this year, the trade surplus was US$109.85 billion.

Former NBS chief sacked for fund scandal

Qiu Xiaohua, former chief of the National Bureau of Statistics (NBS), is suspected of involvement in the pension fund scandal in Shanghai, Li Xiaochao, an NBS spokesman, said on Thursday in Beijing.

Qiu's case is still under investigation, he told a press conference held by the State Council Information Office in Beijing.

The Shanghai pension fund scandal led to the sacking of the municipality's top Party official Chen Liangyu.

This is the second press conference the National Bureau of Statistics (NBS) held at the State Council Information Office within five weeks, the first one was given by Qiu himself.

The State Council removed Qiu Xiaohua from the post of director of the National Bureau of Statistics last week, replacing him with Xie Fuzhan, former deputy director of the cabinet's think-tank Development Research Centre.

The removal sparked widespread speculations about why Qiu was sacked. No explanation has been given since then.

Qiu served the position only half a year. He was appointed director of the National Bureau of Statistics this March to replace Li Deshui.

Born in 1958, Qiu Xiaohua is a native of East China's Fujian Province. He graduated from the department of Economics of Xiamen University in Fujian in 1982.