Beijing estimates that the economy grew by about 10% in 2010, with an average of 11.4% in 5 years. Driving force was the increase in domestic consumption. For 2011, a rapid, albeit more moderate, growth it is expected to continue. But growing inflation is an unknown factor.

Beijing (AsiaNews / Agencies) - China's gross domestic product grew by about 10% in 2010 according to the government estimate and those of the highest Chinese financial bodies.

So stated the Chinese vice premier Li Keqiang (pictured), during meetings with businessmen in Madrid and Berlin on January 5 and 6, during a nine day visit to Spain, Germany and Britain, which also aimed to reassure governments and entrepreneurs that China continues to grow and provide profitable investment opportunities. In Berlin, he also indicated that retail sales increased by 18.5% in 2010 compared to 2009 and says that the further growth depended 90% on rising domestic demand. Among the leading sectors were car sales, which the Ford Motors Co. indicated amounted to a record 582,467 vehicles, an increase of 40% in 2010.

In Spain, Li said that "China still faces difficulties in its development and continues to expand trade and investment with other countries to ensure further growth." Li’s estimate confirms that the Governor of the Central Bank of China Zhou Xiaochuan, who also indicated a growth in 2010 of "about 10%" and insisted that the government should promote economic reform based on market indications. Li is considered by experts as the most likely successor to Prime Minister Wen Jiabao, when he leaves office in 2012.

These data confirm that China has surpassed Japan as the world's second largest economy after the United States. The average growth in the country was 11 .4% in the last 5 years and Beijing has said in recent days that it expects "a stable and relatively rapid development" in 2011. Analysts expect growth of around 9%, 3 times that of the U.S. and 6 times higher than the estimates for the European Union.

The big problem remains the country's inflation reached 5.1% in November. The increases mainly affect the prices of food and other essential items to the detriment of the majority of the population whose income loses purchasing power, despite the country's economy being increasingly rich. This causes a widening of the gap in wealth distribution, with the risk that masses of angry residents may protest to the streets for economic justice.

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