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Last Updated: Monday, 17 May, 2004, 09:07 GMT 10:07 UK
China's rapid growth accelerates
A worker loading containers at Yantian Port, Shenzhen
There has been a boom in the transport industry
China's economy expanded at an annual rate of 9.8% in the first quarter of 2004, the government has said.

The upwards revision in GDP data, from 9.7%, showed the economy grew faster than originally thought.

China's annual rate of inflation hit a seven-year high in April of an annual 3.8%, underlining worries the economy is overheating.

Growth of near 10% has raised fears inflation could soar, spelling trouble for the overheating economy.

Speculative investment

The National Statistics Bureau said it revised its first quarter GDP figure, due to higher than previously estimated growth in services industries such as transport, storage and telecommunications.

China's economy grew 9.1% last year and booms in some industries such as steel, cement and construction have strained energy and transport, pushing prices higher.

The authorities have tightened monetary policy and lending rules to try to curb speculative investments that they blame for rising inflation.

The official growth target for 2004 is 7%.

China said last year that it would start revising its economic indicators, starting with GDP growth, as it brings its statistical methodology and calculations in line with international practice.


SEE ALSO:
China's inflation at 7-year high
14 May 04  |  Business


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