GDP data released by the Chinese National Bureau of Statistics Thursday shows that the Chinese economy continues to grow at an amazing pace, up 11.1% for the first quarter of 2007 compared to the same time-frame for 2006.From The New York Times:
The surge in growth is almost certain to force Beijing to step up efforts to cool the economy. Pressure is also mounting on officials to allow the value of the currency, the yuan, to appreciate more quickly.
Fueled by soaring exports and huge investments in infrastructure, factories and energy supplies, China could soon overtake Germany to become the world’s third-largest economy, behind those of the United States and Japan.
The burst of growth, one of the largest in a decade, came on the heels of four consecutive years of double-digit economic growth, including an increase last year of 10.7%, the fastest annual growth in a decade.
The statistics bureau said that retail sales rose 15%, industrial production was up 18% and exports jumped 28%.
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