China's GDP grew by 9. 4 percent in the first quarter of this year after the largest developing member of Asia-Pacific Economic Cooperation (APEC) experienced steady and fast economic pace in the year of 2004, the APEC economic committee said in its annual outlook.

In the first quarter of 2005, China's total fixed assets investment increased by 25.3 percent, 22.7 percentage points lower than the same period of 2004, thanks to the country's macro- economic adjustment, according to the report.

It also gave an overall picture about Chinese economy in 2004: maintained steady and rapid development, overall economic strength increased, significant progress was made in reform, breakthroughs were achieved in "opening up", social development was accelerated, and people's lives improved.

In its medium-term outlook, the report warns that the year of 2005 is crucial for China to accomplish all its tasks of the 10th Five-year Plan (2001-2005) and to lay a solid foundation for development during the 11th five-year plan (2006-2010).

"The main targets for this year's economic and social development are as follows: GDP growth around 8.0 percent, 9 million new jobs for urban residents, registered urban unemployment rate within 4.6 percent, a rise in the consumer price index of no more than 4.0 percent, and a basic balance in international payments," the report said.

This year, the APEC report points out, the Chinese government is faced with many new situations as the economy opens up to the outside world. The new situations call for the tariffs reduction to the level promised when China joined WTO, elimination of most non-tariff measures, and wider opening of the services sector to foreign competition. China has to respond to these new situations to ensure successful results in its opening-up to the Asia-Pacific region and the world as well.

The APEC committee said its annual report of economic outlook is designed to promote a better understanding of the performance of the region, which covers 21 APEC member economies: Australia, Brunei, Canada, Chile, China, Hong Kong of China, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, The United States and Vietnam.

Source: Xinhua