China's economy expected to up 10.5% in 2006

This is a good news, but I was still only 3,000RMB(less than 400USD) per month.

BEIJING, Oct. 1 -- China's economy is expected to grow by 10.5 percent and the consumer price index by 1.5 percent in 2006, according to the latest report published by a research group under the People's Bank of China, the central bank.

The report also projects the country's gross domestic product (GDP) to grow by 9.5 percent in the first half of 2007, with the CPI up 1.8 percent.

China's economy will continue to maintain a steady and fast growth, though the growth rate might slow down, the report said.

The country's consumption will keep a fast growth in the future; the growth rate of domestic investment will slow down but is still on the fast track; the growth rate of export will gradually fall and net export will decrease for reasons of slowing global economy and rising trade frictions, analyzed the report.

China's economy grew at 10.2 percent last year and the growth rate was 10.9 percent in the first half of this year. Since the second half of last year, the government has strived to cool the economy before it is overheated.

The growth rate of fixed assets investment, a major indicator of economic growth, dropped 5.9 percentage points from July to 21.5 percent in August, as reported by China's National Bureau of Statistics.(xihua,China Daily)

China Economy Overview

The size of the Chinese economy is likely to climb, in world rankings, from its current position as the sixth largest to the second largest by 2030, said economists with global investment bank Lehman Brothers.

With its gross domestic product (GDP) growing at an annual rate of 6 per cent, China will come in after the United States to secure the second place spot, the economists said.

Such an economy stands to offer exciting business and capital market opportunities to foreigners over the next 10 years or so, said Robert Subbaraman, a Lehman Brothers senior economist who is the co-author of a newly released comprehensive report on China's economic, political, social and foreign policy prospects over the next 10 years.

At a press conference last week in Beijing, Subbaraman and his colleagues offered detailed explanations of their forecasts regarding the impact of the country's accession to the World Trade Organization (WTO), growth opportunities and how to do business in China.