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Chinese economy assuring amid global uncertainty

Despite stiff headwinds from a flagging world economy and a festering eurozone debt crisis, China still touched a growth rate of 9.2 percent in 2011, dwarfing any other major economy. A breakdown of China's GDP growth reveals that the country is shifting away from its lopsided growth model toward a more balanced and sustainable one, People's Daily reported Monday.

Consumption, it said, was now contributing a larger share to China's GDP growth than previous years.

The latest data released by National Bureau of Statistics showed that investment and consumption contributed 54.2 percent and 51.6 percent to China's GDP growth in 2011.