The Chinese economy grew faster than expected in the first quarter and inflation rose to its highest level in almost three years despite months of government attempts to slow surging growth.
China’s gross domestic product increased 9.7 per cent in the first quarter from a year earlier the government said on Friday, down slightly from 9.8 per cent growth in the fourth quarter of 2010, but still faster than most economists had predicted.
Beijing acts to rein in runaway prices - Apr-04Meanwhile, benchmark consumer prices rose 5.4 per cent from the same period a year earlier in March, a big increase over February’s 4.9 per cent and the highest reading in 32 months.
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