China's gross domestic product (GDP) is expected to rise by 10 percent to 10.7 percent this year over the previous year, said Yao Jingyuan, chief economist of the National Bureau of Statistics.

Yao told a conference on steel industry that the country's economy has maintained a "fast, steady and high quality growth" this year.

In the first nine months the national economy experienced rapid growth, with the GDP up 10.7 percent, the industrial sector up 13 percent, retail sales up 13.5 percent and the foreign trade volume up 24.3 percent over the same period last year.

Yao said the economic growth was of "high quality" because the country's fiscal revenues, profits of enterprises and incomes of urban and rural residents all went up in the first nine months.

The consumer price index (CPI) rose a moderate 1.3 percent, 0.7 of a percentage point lower than the rise of the same period last year, which Yao believed indicated stable economic conditions.

China's macro-economic control policies had taken effect, successfully slowing the GDP growth, fixed assets investment and supplies of money and bank loans, said Yao.

But efforts needed to be strengthened as bank loans were still expanding at a rapid pace, fixed assets investment remained high and the trade imbalance lingered, he said.

Source: Xinhua