Thursday, April 15, 2010

News: China's economy grows nearly 12 percent

China is stepping into an economic recovery, thanks to the industry and construction:

"The momentum of national economic recovery has further expanded, which has laid a good foundation for reaching the targets set for the whole year," spokesman Li Xiaochao said.

The growth was fueled by industrial growth -- 22 percent for heavy industry and 14 percent for light industry -- and a nearly 18 percent expansion in consumer retail sales.

Another thing fueling that growth is the nation's voracious appetite for real estate -- investments in fixed assets are up nearly 26 percent this quarter. "Investment in fixed assets increased rapidly and that in real estate continued to accelerate," the National Bureau of Statistics noted in its announcement.

Many fear behind China's explosive growth, a property price bubble is growing. China's State Council on Wednesday warned about inflation and vowed to curb escalating property prices.

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China's economy grows CNN

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