First quarter economy grows 9.8 percent (Agencies) Updated: 2004-05-17 17:03
China's economy expanded at an annual rate of 9.8 percent in the first
quarter of this year, the government said Monday, revising a preliminary
estimate that put GDP growth at 9.7 percent.
The revision in gross domestic product data showed the economy was expanding
even faster than earlier expected. Near 10 percent growth has raised fears
inflation could soar.
The National Statistics Bureau said it revised its first quarter GDP figure
due to higher than previously estimated growth in services industries such as
transport, storage and telecommunications.
China's economy grew 9.1 percent last year. Booms in some industries such as
steel, cement and construction have strained energy and transport, pushing
prices higher.
Authorities have tightened monetary policy and lending rules to try to curb
speculative investments that they blame for rising inflation. The official
growth target for 2004 is 7 percent.
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