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China's economy grows 9% in 2008

By Xin Zhiming and Wang Xu (chinadaily.com.cn)
Updated: 2009-01-22 10:27

Ma Jiantang, head of National Bureau of Statistics (NBS), at a press conference in Beijing on Jan 22, 2009. [China Daily]

China's economy expanded 9 percent year-on-year in 2008, the lowest rate since 2001. The nation's gross domestic product for 2008 amounted to 30.07 trillion yuan, according to figures released Thursday morning by the National Bureau of Statistics (NBS).

Special Coverage: Figures and Surveys Related readings:  GDP growth slows to 6.8% in Q4 of 2008  Survey: Investor sentiment index for China rises in Q4 of 2008  China's urban unemployment rate rises to 4.2%

GDP growth in the fourth quarter of 2008 slowed to 6.8 percent year-on-year, the lowest quarterly increase since 1997 Asia financial crisis.

Other economic indicators released together with the GDP include:

l. The consumer price index which measures inflation rose 5.9 percent year-on-year, the highest in 12 years, NBS figures showed.

2. Retail sales expanded 21.6 percent last year. The growth rate is 4.8 percentage points higher than 2007.

3. Industrial output grew 12.9 percent in 2008, down from 18.5 percent in 2007.

4. Fixed asset investment surged 25.5 percent in 2008, up from 24.8 percent in 2007.

5. The economy created 11.13 million new job opportunities in 2008. However, urban registered unemployment rate rose to 4.2 percent last year, up from 4 percent in 2007.

6. Producer price index rose 6.9 percent in 2008, up 3.8 percentage points from 2007.

However, producer price index dropped 1.1 percent in last December, a signal of deflation.