China Announce 10.3% Economic Growth in 2010 and $45 Billion Contract with the US



New Contract for the US

New Contract for the US

China have announced that 2010 saw the country continue its breakneck growth, stating there economy expanded by 10.3%, according to their government figures released today.

China’s economic growth last year saw them eclipse Japan, which saw them become the world’s second largest economy with just over €6 trillion.

The move has seen China complete a decade long gallop in which it jumped the economies of; Germany, the United Kingdom, and France.

China’s growth is up over 1% from 2009, when their growth was 2.9 %. The US is currently the world’s largest economy with a reported €14.6 trillion GDP for 2010.

The announcement comes with the high profile visit of Chinese President Hu Jintao to the United States to meet Barack Obama.

A range of issues have been highlighted by the summit for discussion between the worlds’ two largest economies including; international security, the global economic crisis, and environment and human rights issues.

Obama’s administration will have used the meeting between the two world leaders to highlight the economic progress between the two countries, announcing the approval by Beijing for the development of $45 billion of new contracts, allowing US companies to export goods to China.

It is believed the contract will create 235,000 American Jobs, according to the White House.

When asked about his fear of China’s economic growth, Obama stated, that the economic growth of the Chinese was good for America, and the world.

“We welcome China’s rise,” stated Obama. Washington just wants to ensure it “reinforces international norms and international rules, and enhances security and peace as opposed to … being a source of conflict.”

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