A vendor sleeps in front of sacks of rice at a wholesale market in Nanjing, east China's Jiangsu province, October 9, 2006. China's economy is in good shape but the authorities need to keep up efforts to control investment, credit and the trade surplus, the country's top planning official said in remarks published on Monday. [Reuters]

Addressing the ongoing 14th World Productivity Congress (WPC) held in Shenyang, capital of northeastern Liaoning Province, Zhang Xiaoqiang, Vice Minister of the NDRC, said that on current exchange rates, China's GDP will reach 3.2 trillion US dollars in 2010.

According to data from the National Bureau of Statistics (NBS), China's GDP exceeded 2.2 trillion US dollars in 2005, ranking fourth in the world, after the United States, Japan and Germany.

However, per capita GDP was only 1,703 US dollars last year, ranking a lowly 110th in the world.

Experts said that while it has a big GDP, China's economy is still facing problems such as low efficiency, a low technological level and low added value.

China's GDP is five percent of world GDP, yet it consumes 25-40 percent of the world's crude coal, iron ore, steel, alumina and cement.

Only three out of 10,000 Chinese enterprises have intellectual property rights for their core technologies. 99 percent of Chinese firms have no patents and 60 percent do not have their own brands.

China will make more efforts to transform its economic growth mode during the five-year period from 2006 to 2010 by improving its industrial structure and developing science and education, said Zhang.

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