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Rediff.com  » Business » Chinese economy roars at 11.9% in Q1

Chinese economy roars at 11.9% in Q1

Source: PTI
April 15, 2010 19:03 IST
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The Chinese economy recorded a stellar growth of 11.9 per cent in the first three months of 2010, marginally higher than projected. With the economy witnessing a robust growth, speculation is gaining ground that China could move to a tighter monetary regime to avert a possible overheating of the economy.

The National Bureau of Statistics today said the country's gross GDP shot up a whopping 11.9 per cent in the first quarter of 2010, "which was 5.7 percentage points higher than that in the same period last year".

Analysts pegged GDP expansion at about 11.7 per cent in the first three months of this year. The Chinese economy was worth 8,057.7 billion yuan in the first quarter, the agency noted. Moreover, the strong economic growth figure comes at a time when the US is increasing pressure on China to revalue its currency.

Going by the official figures, the investment in real estate development jumped 35.1 per cent to 659.4 billion yuan in the first three months of 2010.

In the wake of the global financial meltdown, the Chinese government had unveiled massive stimulus measures, mainly aimed at infrastructure development. The agency noted that in the first quarter, all regions and departments "firmly carried out the packages of policies on dealing with the international financial crisis, and the momentum of national economic recovery has further expanded".

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