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China's Economy Grows 11.2%
Jan 28, 2008
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China's economy grew 11.2% in the fourth quarter of 2007. China's growth slowed only slightly from the third quarter's 11.5% rate. For all of 2007, China grew 11.4%, the biggest rise since 1994.

The rapid growth has been driven by a boom in exports and investment and came despite repeated interest rate hikes and official curbs meant to slow spending on real estate and other assets that regulators worry could ingite a financial crisis.

Consumer prices in December 2007 rose 6.5% compared with the year-earlier period, down from 6.9% in November, the fastest rise in 11 years. For all of 2007, prices rose 4.8% , well above the official target of 3%.

Housing costs also have been rising sharply — up 10.5% in December compared with the year-earlier period — though they are not included in the government's consumer inflation rate.

Investment in factories and other urban assets rose by 24.8% compared with 2006, an increase of 0.9 percentage points from the previous year's growth rate. (AP)

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