Chinese economy grew 11.9 percent in 2Q
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China's sizzling economy expanded by a stunning 11.9 percent in the second quarter from a year ago, the government said Thursday, and announced it would take new steps to cool the boom.
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Chinese President Hu Jintao said Sunday economic growth could exceed nine percent this year and foreign direct investment could top $60 billion.
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Chinaâs second quarter growth exceeded forecasts, but the economy faces rising food prices, high energy consumption and a large trade imbalance.
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Taiwan's economy expanded at its fastest pace in four years during the second quarter as the global economy recovered, boosting foreign trade and increasing manufacturing output, the government said Friday.
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Inflation in China reached a 27-month high last month, but separate figures for growth in the money supply and loans suggested that the broader economy was not yet overheating.
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BEIJING -- China's sizzling economy grew faster in the second quarter despite official efforts to apply the brakes, expanding by 11.9 percent over a year earlier, the government reported Thursday. It said it would take new steps to cool the boom.
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China, having surprised the world 10 days ago with its first interest rate rise in nine years, took another unusual step last week by publishing for the first time the annual report on its economy by the International Monetary Fund.
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The economy grew more quickly in the second quarter than initially estimated and inflation was slightly lower.
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BEIJING  - China's finance minister says economic growth of nine per cent this year would be acceptable, state television reported this week in the first acknowledgment by a senior official that growth might exceed the government's target of seven per cent.
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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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The UK economy will grow by 2.9% this year, although interest may need to rise further, the IMF forecasts.
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China's economy expanded 9.5 percent in 2004, the government said on Tuesday, issuing strong data that suggested Beijing will have to keep a tight grip on credit and investment this year.
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China's economic growth is expected to slow slightly next year to a still robust 10.9 percent, with inflation at 4.5 percent, the central bank's research bureau said in a forecast reported Friday by a government newspaper.
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Chinaâs inflation rose to 6.5 percent in August, an 11-year high, and the trade surplus widened by 33 percent to $24.97 billion, the second-highest monthly level on record.
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The economy grew at a 2.9 percent annual rate in the spring &#151; better than first estimated but nowhere near the brisk pace logged in the winter, another sign of slowing business growth. Inflation marched higher.
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BEIJING, OCTOBER 22: China&#39;s economy expanded by 9.1 per cent in the third quarter compared with a year earlier, marking the third consecutive quarter of slower growth as Beijing reins in investment and lending.
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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.