China's growth robust but inflation remains a problem |
| The Associated Press - Apr 16, 2008 |
China's economy grew 10.6 percent in the first quarter, slowing only slightly amid gloom about the global economy, but inflation stayed above 8 percent despite efforts to ease food shortages, the government reported Wednesday.
Beijing said expansion in the world's fourth-largest economy was driven in part by a 21.5 percent jump in retail spending in March.
"Todays data confirm the growing strength of the Chinese consumer generating domestic economic growth," said Moody's Economy.com economist Matt Robinson in a report to clients.
Inflation figures were a setback for communist leaders who have made a national priority of taming a price spike that has battering consumers since mid-2007, due to shortages of pork, grain and other key food items.
Read Full Article from The Associated Press
- Posted: 2008-04-16 08:53:53
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