China's economy grew at a sizzling rate of 11.4 per cent in 2007, the highest in the last 13 years, but slowed down slightly in the fourth quarter, the government said on Thursday.
It also said the inflation rate rose by 4.8 per cent in 2007, the highest level in more than a decade and maintained the measures to check it would need time 'to take effect'.
Posting a double digit growth for the fifth year running, the gross domestic product hit 24.6619 trillion Yuan ($3.43 trillion), up 11.4 per cent year-on-year, 0.3 percentage points higher than the 2006 level revised at 11.1 per cent, the National Bureau of Statistics said.
Growth was 11.1 per cent in the first quarter, 11.9 per cent in the second, 11.5 per cent in the third but slowed down to 11.2 per cent in the fourth, according to figures released at a press conference in
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Beijing by NBS head Xie Fuzhan.
China's red hot economy has continued to expand at a fast pace, despite a slew of measures including frequent hikes in interest rates and in the proportion of funds banks must hold in reserve, to cool it.
The blistering growth that has brought the Communist giant closer to edge past Germany as the world's third largest economy after the US and Japan, has been propelled by booming exports and pumping in of massive investment on infrastructure.
The Bureau announced that the inflation rate rose by 4.8 per cent in 2007, the highest level in more than a decade, amidst efforts by the government to rein in the soaring prices, a sensitive issue in the country.
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