GDP expands 11.4 percent, fastest in 13 years

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by Dong Zhixin ( chinadaily.com.cn )
Updated: 2008-01-24 10:11

Customers shop at a local supermarket adorned with sales banners in Ningbo, Zhejiang Province, January 13, 2008. The government has promulgated a revised decree to deter price hikes through hoarding or cheating. [asianewsphoto]

China's economy expanded at its fastest pace in 13 years in 2007 even after a slowdown in the fourth quarter, amid rising inflation, official figures showed on Thursday.

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The country's Gross Domestic Product (GDP) grew 11.4 percent last year from 2006, said Xie Fuzhan, head of the National Bureau of Statistics (NBS) at a press conference in Beijing.

That marked a fifth year of double-digit growth for the world's fourth largest economy after the US, Japan and Germany. The increase was especially remarkable given the fact that the United States is experiencing a slowdown due to the sub-prime crisis and housing slump.

Coupled with China's phenomenal growth was accelerating inflation which hit 4.8 percent for the whole year, far above the central bank's target of three percent.

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