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China confident for economic growth in 2012

(People's Daily)

16:35, February 16, 2012

Edited and translated by People's Daily Online

The fundamentals driving China’s rapid economic growth have not changed in 2012, and people should be confident about the country’s future economic development, said Li Pumin, deputy secretary-general and spokesman for the National Development and Reform Commission.

China made remarkable achievements in maintaining rapid economic growth, increasing economic benefit, restructuring the economy, and improving people's livelihood in 2011, the first year of the 12th Five-Year Plan period (2011-2015).

As for the pace of economic growth, China has maintained stable and rapid economic growth over the past 30 years since the Reform and Opening up, with its gross domestic product (GDP) growing over 9 percent in 2011, three times higher than the projected global average of around 3 percent. Last year, China remained one of the fastest-growing economies among all major economies in the world.

As for economic benefit, although the country’s GDP growth slowed down in 2011, its fiscal revenue and the profits of domestic enterprises both maintained rapid growth. According to statistics from the National Bureau of Statistics, the profits of large-scale industrial enterprises in the country totaled nearly 5.5 trillion yuan last year, up over 25 percent from the previous year. According to statistics from the Ministry of Finance, China’s fiscal revenue increased nearly 25 percent to nearly 10.4 trillion yuan in 2011.

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