BUSINESS

China’s economy grew by 9.7 pc in Q1

China’s economy, the second largest worldwide, has increased in the first quarter by 9.7 pc compared to the same period last year, at a slightly lower pace, 9.8 pc, than in the last three months of 2010, but higher than most analysts’ estimates, according to Financial Times, quoted by Mediafax.

Compared to the last quarter of 2010, the economy has advanced by 2.1 pc. However, inflation accelerated from 4.9 pc in February to 5.4 pc in March compared with the same month last year, its highest level in 32 months. Food was more expensive by 11.7 pc in March compared to the same month in 2010. Gross Domestic Product and inflation rates will advance at a pace stronger than anticipated, despite government efforts to slow economic growth and consumer prices. Beijing has raised interest rates four times in the last six months and increased the proportion of deposits that large banks must keep as reserves.

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