China’s GDP to hit $5.5 trillion in 2010: report

BEIJING - A Chinese government think-tank has said China’s economy in 2010 would grow 10 percent year-on-year with gross domestic product (GDP) reaching 37 trillion yuan ($5.56 trillion).

The Chinese Academy of Social Sciences (CASS) in its annual report, Blue Book of China’s Society, Wednesday noted that in 2010 China made great efforts to keep its macroeconomic policy consistent and its economy had begun to recover, reports Xinhua.

China’s GDP stood at over 34 trillion yuan with an economic growth of 9.1 percent in 2009.

Income levels continued to rise steadily among both urban and rural residents in 2010, while the income growth rate of rural residents was forecast at over eight percent, outpacing the rate of their urban counterparts, the blue book said.

On the quality of life of Chinese citizens, the book said the overall satisfaction of the urban and rural residents was declining and people were less satisfied with their economic status, occupation and social security.

Further, migrant workers who belong to the “80s generation” were found to work longer but earned less than those migrant workers born before the 1980s.

Migrant workers who were born in the 1980s accounted for 45.6 percent of the Chinese migrant worker population, according to the book.