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China projects 8 percent annual growth
Updated: 2005-02-11 09:18

China should keep up its strong economic expansion over the next five years, with annual growth of 8 percent driven by abundant labor and a big domestic market, the State Council Development Research Center says Thursday.

The projected growth is below the 9.5 percent reported for 2004 — the country's fastest expansion in eight years — but is by far the highest for any major economy.

Annual economic output should reach $2.6 trillion by 2010, the Xinhua News Agency said, citing the research center.

Its director, Wang Mengkui, "said the next five years will be a 'golden time' for China 's economic development." 

Growth will be driven by China's "strength in materials and technology, a large domestic market, an abundant labor force and a stable society," Wang was quoted as saying.

China still faces problems from unemployment, gaps in income between city and countryside, social welfare burdens and a large population of migrant laborers, Wang said.

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