Economy

Vice-premier: GDP likely grew 10% in 2010

By Fu Jing and Hou Lei (chinadaily.com.cn)
Updated: 2011-01-07 12:29

Chinese Vice Premier Li Keqiang said on Thursday that the predicted growth rate of China's economy for last year is about 10%.

Li made the remarks at a dinner with German and Chinese business representatives in Berlin during his visit to Germany.

Related readings:  China's 2010 GDP likely to grow 10%: PBOC chief  China GDP to hit 37t yuan mark in 2010  China to link GDP to international standard

He also said the growth of total retail sales of consumer goods last year is estimated to be 18.5%.

The vice premier told business representatives that about 90% of China's economic growth comes from domestic demand, according to initial estimates.

Statistics show that Germany's economic growth rate was 3.7% last year, the fastest among all developed economies, and three-quarters of the increase was attributed to exports.

Li said he believes the combination of China's market and Germany's technology will further help expand cooperation between the two countries.

Germany is one of China's major trade partners in Europe, and their bilateral trade contributes to about one-third of total China-EU trade.