Beijing , China ( CNN ) -- China 's economy grew by 8.7 percent in 2009 , according to the National Bureau of Statistics . China 's fourth quarter growth alone surged to 10.7 percent on an annualized basis . China 's economy has been picking up pace the first three quarters of the year , growing at 6.2 percent the first quarter and 7.9 percent the second quarter and 9.1 percent in the third quarter . The gross domestic product total was $ 4.9 trillion in 2009 . The annual growth was spurred by a $ 586 billion stimulus package to bolster its economy . The government had set a growth target rate of 8 percent last year , which the government sees as a benchmark to maintain employment rates in the nation of 1.3 billion . `` In the face of severe impact brought about by the global financial crisis in a century and the most complicated domestic and international situations , the ( government ) sized up the situation , made scientific decisions , and headed the whole nation united as one to surmount the difficulties of our time , '' said Ma Jiantang , director of the National Bureau of Statistics . `` It stopped the remarkable decline ... and China became the first to emerge ( from the recession ) . '' Retail sales rose 16.9 percent in 2009 , as China encourage domestic spending to make up for lost export business during the recession . But concerns are rising of a growing property bubble in China , fueled by lending which has seen property prices grow 50 percent or more in some cities . On Wednesday China signaled to several banks to curb lending , causing stock markets to slump globally as questions about China 's lending practices slammed the price of commodities . The sector was also hit by reports that China intends to slow the pace of lending this year in an attempt to get ahead of inflation . A stronger dollar also pressured dollar-traded commodity prices and stocks . `` China 's efforts to get their banks to lend less really hit commodities hard , because China is the marginal buyer of commodities , '' said David Chalupnik , head of equities at First American Funds . The numbers released Thursday showed , foreign trade dropped 13.9 percent . China still holds a significant trade surplus -- $ 196 billion -- though the surplus slipped more than 34 percent . Monthly import-export numbers for December 2009 , however , were up .
Beijing 's economy grew by 10.7 percent in 2009 , according to First American Funds . China 's 2009 growth alone surged to 8.7 percent on an annualized basis . But concerns are rising of a growing property bubble in China .