 
January 2005
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National Bureau of Statistics' statistical communique on China’s economic performance in 2004, full text. Transcript of press conference. Released on January 25, 2005.
Summary
China's economy grew by 9.5% in Q4 2004, and by the same rate for the year as a whole, according to preliminary full-year economic data released by the National Bureau of Statistics (NBS) on January 25. Li Deshui, the NBS commissioner, asserted that the anual figures showed that the government had achieved victory in its efforts to reduce over-investment and eliminate both inflationary pressures in the economy.
Althought the year's economic performance was impressive, this declaration of victory does not accurately describe the level of risk posed by continued over-investment, nor does it reflect the thinking of economic policy makers, who have left macro-economic controls in place precisely because the battles against over-investment, inflation and deflation are far from over.
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