From Asia Times Online: “Despite the government’s efforts to cool down the scorching economy, China’s gross domestic product (GDP) totaled 13.65 trillion yuan (US$1.65 trillion) in 2004, jumping unexpectedly by 9.5% year-on-year, the National Bureau of Statistics (NBS) said here on Tuesday.
Record levels of exports and a surge in farm production and retail sales were the main engines driving growth in the past quarter, amid the government’s bid to check industrial expansion and keep a rein on inflation. Exports rose 33% to a record $63.8 billion in December and retail sales climbed 15%, the biggest gain in seven months, official figures show. In a sign that government measures are working to some extent, consumer prices increased 2.4%, the smallest rise in 10 months, while industrial production registered the slowest rise in more than a year. ”