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China's GDP Expected to Grow by 10.2% in 2008

China's Gross Domestic Product (GDP) is projected to reach 27.93 trillion yuan (US$3.88 trillion) in 2008, up 10.2 percent on the previous year, according to a report by the country's major think tank.

The report, issued on Friday by the Chinese Academy of Sciences(CAS), predicted China's economy would continue to enjoy strong growth, driven by the favorable economic environment.

However, the report said, the growth would be slowed down by the fluctuating prices of resource commodities in the global and domestic markets, as well as long-standing systematic problems of China's economy.

Yao Jingyuan, the chief economist of the National Bureau of Statistics (NBS), said that China's GDP is to grow by 11.5 percent in 2007.

The CAS report echoed previous predictions that the world's fastest growing major economy is likely to expand at a slower rate in 2008 than it did the previous year.

The State Information Center (SIC) predicted a week ago that China's GDP growth would slow to 10.8 percent in 2008.

The CAS report also predicted that the primary, secondary and tertiary industries will expand at 4.1 percent, 12 percent and 11.5 percent, respectively.

(Xinhua News Agency January 12, 2008)

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