By Agency Reporter

Monday, 10 Jan 2011

BEIJING: China’s economy grew by about 10 per cent in 2010, with retail sales rising by 18.5 per cent and indicating that the economy is now relying more on domestic consumption, Vice-Premier Li Keqiang said in remarks published on Saturday, according to a Reuters report.

“The driving force of domestic consumption is rising and its increase contributed over 90 per cent to economic growth in 2010,” Keqiang told business leaders in Berlin, according to a transcript of his speech published in the official People’s Daily.

“We have the confidence, conditions and capability to maintain long-term stable and fast economic growth,” he said.

Central Bank Governor, Mr. Zhou Xiaochuan had also said during the week that gross domestic product grew by around 10 per cent in 2010.

Keqiang added that China aimed to expand domestic consumption and enable its people to enjoy a greater share of the fast growth in the next five years.

He also expressed confidence that Europe could overcome its sovereign debt crisis, saying Beijing was paying attention to it and would offer its support.

China has publicly promised to buy government debt from Greece and Spain, but has abstained from providing specific values for its investments.

Source: Punch