China’s GDP Grows 10.6%; Inflation Near 11-Year High
China’s economy grew more than 10 percent for the ninth straight quarter, underlining the strength of the nation’s expansion as a slump in the U.S. drags down global growth.
Gross domestic product rose 10.6 percent in the three months to March 31, more than the 10.4 percent median estimate of 24 economists surveyed by Bloomberg News. Consumer prices climbed 8.3 percent in March, close to the fastest pace in 11 years, the statistics bureau said today in Beijing.
China, the biggest contributor to world growth, is trying to prevent rising food prices from stoking social instability while avoiding measures that may trigger a bigger slowdown. Combating inflation and preventing overheating are the government’s primary economic objectives this year, Premier Wen Jiabao said last month.
Read also National Economy: Steady Growth in the First Quarter of 2008 from National Bureau of Statistics of China.