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The economy turned in another sparkling performance last year, with gross domestic product (GDP) growing at the fastest clip in 11 years and inflation moving below 2 percent.

The National Bureau of Statistics (NBS) yesterday announced that GDP grew by 10.7 percent to reach 20.94 trillion yuan ($2.68 trillion). The consumer price index, a key indicator of inflation, inched up by a mild 1.5 percent.

Related readings:  GDP grows 10.7 percent in 2006 Beijing continues 12% growth 2005 GDP growth revised to 10.4%

"In 2006, the economy was in good condition," NBS Director Xie Fuzhan told a press conference organized by the State Council Information Office.

The economy, which overtook Britain in 2005 to become the world's fourth biggest, is moving closer to that of Germany, which is estimated to have grown by 2.2 percent last year to $2.86 trillion.

The World Bank predicts the Chinese economy will grow by 9.6 percent this year; and other mainstream economists put their forecasts at a minimum of 8.8 percent.

That means the nation has a good chance to become the third biggest economic power by 2008 but Xie would only say that he believed "the economy will maintain a momentum of rapid, steady growth this year".

In 2006, the economy grew on the back of strong growth in investment, exports and consumption.

Fixed asset investment expanded by 24 percent, down two percentage points from in 2005.

The government made strenuous efforts to tame investment growth last year to avoid overheating.

The central bank twice jacked up interest rates and thrice raised the proportion of deposits that banks must hold in reserves. On January 15, it raised the required reserve ratio again. The central government cracked down, too, on investments that were against the country's development guidelines.

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