UPDATE 1-China’s economy grew 10.1 pct in 2010 -official

* China 2010 GDP rises 10.1 pct to 39.5 trln yuan-official

* Says China faces pressure to meet 4% CPI target this year

(Adds quotes and details)

BEIJING, Jan 15 (BestGrowthStock) – The Chinese economy grew around
10.1 percent last year, the deputy head of China’s top economic
planning agency told Reuters on Saturday, which amounts to the
fastest pace of annual growth in three years.

Zhang Xiaoqiang, vice chairman of the National Development
and Reform Commission, said the country’s gross domestic product
totalled about 39.5 trillion yuan ($6 trillion) in 2010.

The 2010 growth rate accelerated from a revised 9.2 percent
expansion seen in 2009.

But Zhang noted that China may struggle to meet its 2011
inflation target of 4 percent as domestic labour costs climb and
global commodity prices soar.

“There are many factors that are putting upward pressure on
domestic prices, and we must note that imported inflation is
intensifying this year,” he said at a trade forum.

Zhang reiterated the government aims for growth this year of
8 percent in China’s economy (Read more about the fastest growing economy.), the world’s biggest, but stressed
that the task of keeping prices stable will top Beijing’s
agenda.

He said uncertainties around the pace of recovery in the
world economy could weigh on China’s key export sector in 2011.

“We may face big difficulties in growing our exports in the
future,” he said.

To get around that, Zhang said, Chinese exporters should
endeavour to move up the manufacturing value chain and place
less emphasis on volume and more on quality.

His assessment of China’s outlook is less upbeat than that
of China’s Commerce Minister Chen Deming.

Chen said on Friday China’s exports and imports will grow at
a faster pace this year than in 2010. [ID:nBJA002423]

Chinese exports jumped around 31 percent in 2010 from a year
ago, while imports leapt nearly 39 percent.
(Reporting by Aileen Wang and Koh Gui Qing, editing by Jane
Baird)