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In the article titled "Business Club: Cotton Aid 2010 GDP Growth by 10.3%", Business News Agency reported on January 21, 2010, that China's economic performance for the full year of 2010 was impressive. The National Bureau of Statistics released preliminary estimates showing that China’s GDP grew by 10.3% compared to the previous year, marking a significant increase of 1.1 percentage points over the prior year's growth rate. Additionally, the Consumer Price Index (CPI) rose by 3.3% year-on-year, reflecting some inflationary pressures.
The annual GDP figure reached 39.898 trillion yuan, with the growth rate showing a strong recovery from the global financial crisis. Looking at quarterly data, China’s economy saw a steady but slowing pace of growth throughout the year. The first quarter recorded a 11.9% increase, followed by 10.3% in the second quarter, 9.6% in the third, and 9.8% in the fourth. This trend indicated a gradual cooling off after an initial rebound.
In terms of sectoral contributions, the primary industry added 4.0497 trillion yuan, growing by 4.3%. The secondary industry, which includes manufacturing, saw a robust 12.2% growth, reaching 18.6481 trillion yuan. The tertiary industry, encompassing services, added 17.005 trillion yuan, rising by 9.5%.
Agricultural output remained stable, with total grain production reaching 546.41 million tons, up 2.9% from the previous year. This marked seven consecutive years of growth. Meanwhile, industrial output from large-scale industries increased by 15.7%, a significant acceleration compared to the previous year.
Experts noted that the high GDP growth in 2010 was partly driven by the surge in commodity prices. As international markets heated up, demand for raw materials like cotton and textiles surged, leading to price hikes. However, this also led to concerns about overheating and prompted government intervention to control inflation. These measures resulted in a “double bottom†scenario, where both growth and inflation were under pressure.
Analysts pointed out several factors contributing to the commodity-driven economic performance. First, the U.S. dollar and euro saw increased supply, affecting exchange rates and putting upward pressure on the renminbi. This made Chinese exports more expensive, increasing risks for textile producers who rely heavily on foreign markets.
Second, international trade barriers imposed by other countries worsened the challenges for China's export-oriented industries, further pushing up commodity prices. Third, rising labor and land costs added to the pressure, especially in labor-intensive sectors like textiles.
As 2010 came to a close, the government implemented tighter regulations, and by December, the CPI growth had slowed slightly to 4.6%. However, experts warned that 2011 would still see significant pressure on commodity prices, with consumer inflation remaining a major concern.
Ultimately, while GDP and CPI figures are important indicators, what matters most to people is the improvement in their quality of life and overall well-being, not just economic growth metrics.
September 29, 2025