China Macroeconomic Review
China's GDP grew 10.3% in 2010, above 2009's 9.2% expansion.
The Gross Domestic Product (GDP) in China expanded 9.80 percent in the fourth quarter of 2010 over the same quarter last year. From 1989 to 2010, China's average quarterly GDP Growth was 9.31 percent reaching an historical high of 14.20 percent in December of 1992 and a record low of 3.80 percent in December of 1990. Now, China surpassed Japan in the second quarter of 2010 and has become the world’s second-largest economy behind the United States During the past 30 years China's economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented that has a rapidly growing private sector. A major component supporting China's rapid economic growth has been exports growth. Such growth not only shows China's growing potential of the Chinese market, but also led to the improvement to the Chinese people's standard of livings.