Confidence in growth

Updated: 2012-11-12 08:00

(China Daily)

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Fresh evidence of a broader rebound for the Chinese economy definitely adds to the credibility of the country's ambition to double its 2010 gross domestic product and per capita income by 2020. Hu Jintao, general secretary of the Central Committee of the Communist Party of China, announced the goal at the start of the 18th National Party Congress on Thursday.

China's economic slowdown during most of this year had raised concerns about the health of the world's second largest economy. The country's GDP growth slowed to 7.4 percent year-on-year in the third quarter, marking a downturn for seven straight quarters and the slowest quarterly expansion in 14 quarters.

However, the latest economic figures show that, without sacrificing the government's macroeconomic efforts to restructure the economy and transform the growth mode, the economy is gaining new momentum.

China's trade surplus soared to $32 billion in October, the biggest in 45 months, as exports rose to a five-month high of more than 11 percent. While the country's industrial production for October grew 9.6 percent and retail sales increased 14.5 percent year-on-year.

Even rosier is the growth picture that the Organization for Economic Cooperation and Development has drawn for China. Its latest outlook report predicts that China's share of the global GDP will grow from today's 17 percen