Chinese economy surges 11.5 percent
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China's supercharged economy grew by a stunning 11.5 percent in the third quarter, surging ahead despite official efforts to cool the boom and putting it on track to overtake Germany as the world's third-largest within weeks, according to data reported Thursday.
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China's 500 largest firms have seen their combined profits rise 23% to $80.4bn last year, researchers find.
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China's economy is set to grow at a faster-than-expected rate of 10.4% this year, the Asian Development Bank says.
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China&#39;s economic boom is still roaring despite efforts to cool sizzling growth, with gross domestic product climbing 9.5 per cent in the first three quarters of this year, the government reported Friday.
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China's economy picks up pace, stoking fears it may be overheating and driving the rate of inflation.
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Chinese President Hu Jintao said the booming economy in China would grow by "around 9.0 percent" this year as controls implemented to slow overheated sectors of the economy took effect.
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China said yesterday that its economy grew at an 11.9 percent annual rate in the second quarter of this year, the fastest pace in more than a decade, reigniting fears the economy is overheating.
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China's already record-high housing prices jumped 10.5 percent in December despite authorities' efforts to cool the boom, but the growth rate slowed slightly, the government said Thursday.
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China grew 11.4 percent in 2007, the fastest pace in 13 years, but is headed for a modest slowdown this year as global demand weakens and credit curbs to cap inflation ripple through the economy.
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Chinaâs sizzling economy grew 11.5 percent in the third quarter, surging ahead despite official efforts to cool the countryâs boom.
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Beijing raised its estimate of the 2006 growth rate from 10.7 percent to 11.1 percent, moving China closer to overtaking Germany as the worldâs third-largest economy.
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China has decided to raise its benchmark one-year lending rate to 5.58 percent from 5.31 percent with effect, the first such move in nearly a decade, the central bank said.
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China has raised its core interest rates for the first time in nine years, as the country&#39;s central bank moves to rein in the booming economy.
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China has decided to raise its benchmark one-year lending rate to 5.58 percent from 5.31 percent with effect, the first such move in nearly a decade, the central bank said on its website.
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BEIJING -- China's booming economy grew even faster last year than originally thought, the government said yesterday, as authorities made public another measure meant to rein in the growth they fear could create problems.
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China revised its 2006 economic growth data to a 12-year high of 11.1 percent, from 10.7 percent.
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China's trade surplus has surged to an almost record level in February, official state figures show.