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Chinanews, Beijing, Oct 29 – By the end of this year, China's GDP might exceed 23 trillion yuan, the same level as Germany, said Li Deshui, former director of the National Statistics Bureau, over the weekend.
He made the statement while attending the second China Energy Stragetic International Forum1 held at China University of Petroleum2 in Beijing. Over the past five years, Chinese aggregate3 economic volume had exceeded that of France and Britain to rank fourth in the world. Germany's aggregate economic volume now ranks third in the world. During the first three quarters of this year, China's GDP had exceeded 16 trillion yuan, 11.5% more than the same period last year. It is expected that the GDP growth rate for the whole year will remain at this level. Since 2003, Chinese GDP growth has always remained at a double-digit number. Over the past five year, China has made outstanding progress in its social and economic development, reportedly the best ever period in China's development history, Li said. Despite this, Li pointed4 out that there are some problems in the current economic operation. The major problem is that economy has grown too fast, as can be seen by the too fast investment growth, too much loan release and too high trade surplus. Meanwhile, the CPI has kept climbing and China is faced with a heavy pressure in energy saving and emission5 reduction.
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