Economy

China's 2010 GDP likely to grow 10%: PBOC chief

(Xinhua)
Updated: 2011-01-05 09:21

BEIJING - China's 2010 economic growth is estimated to reach about 10 percent, according to central bank governor Zhou Xiaochuan.

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In a speech published Tuesday by the People's Bank of China on its website, Zhou said he was not quite confident that the nation's economy has returned to normal, as external conditions continue exerting an important impact on China's economic recovery.

Zhou stressed that China should be prudent in its macroeconomic policies and needs to conduct counter-cyclical adjustments against "over-expansion."

He also reiterated that the government would promote a market-oriented reform of the interest rate regime in a gradual and unwavering way.

Zhou first delivered his speech on Dec 15 when policymakers were intensifying their efforts to curb property prices and dampen inflation, as the nation's consumer price index hit a 28-month high of 5.1 percent in November.