2011-January-10 08:53 | Shenzhen Daily

CHINA’S economy grew by around 10 percent in 2010, with retail sales up 18.5 percent, showing that it was now relying more on domestic consumption, Vice Premier Li Keqiang said in remarks published Saturday.

“The driving force of domestic consumption is rising, and its increase contributed over 90 percent to economic growth [in 2010],” Li told business leaders in Berlin, according to a transcript of his speech published in the People’s Daily.

“We have the confidence, conditions and capability to maintain long-term stable and fast economic growth,” he said.

Central bank governor Zhou Xiaochuan also said last week that gross domestic product grew by around 10 percent in 2010.

Li said that China aimed to expand domestic consumption and enable people to enjoy a greater share of the fast growth in the next five years.

He also voiced confidence Europe could overcome its sovereign debt crisis, saying the Chinese Government was paying attention to it and would offer its support.

China and Germany inked US$8.7 billion worth of business deals Friday during Li’s visit to Germany, covering such fields as automobile purchase, financial cooperation, energy and machinery.(SD-Agencies)