| Economic Recovery Continues
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(CHEN FEI) |
Two years after the financial crisis, recovery hopes have become realities for China.
The country's GDP grew 10.6 percent in the first three quarters of 2010. For the second and third quarters, China's GDP surpassed Japan's, making it the second largest in the world.
Consumption has played a key role in enabling the economy to recover lost ground. Retail sales for consumer goods totaled 13.9 trillion yuan ($2.1 trillion) in the first 11 months, rising 18.4 percent from one year earlier.
Investments have been the biggest engine powering the Chinese economy. Urban investment in fixed-assets soared 24.9 percent in the first 11 months year on year to hit 21.07 trillion yuan ($3.2 trillion). Meanwhile, the government has set its sights on clamping down on excessive investments in energy-depleting and high-polluting industries to steer the economy on a sustainable path of growth.
On the trade front, both exports and imports hit record highs in November at $153.33 billion and $130.43 billion, respectively. The trade volume for the January-November period totaled $2.68 trillion, higher than the whole year's figure of $2.2 trillion in 2009. The trade surplus in the first 11 months stood at $170.42 billion, down 3.9 percent year on year.
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