China’s GDP grows faster than expected in first quarter

Apr. 17, 2006 (China Knowledge) - China’s GDP in the first quarter saw an increase of 10.2% year-on-year from 10.1%, according to Shanghai Securities News. It was also 2.2 percentage points more than the annual average growth of 8%.

Foreign trade and fixed asset investments are the two main proponents for strong economic growth. Foreign trade witnessed an increase of 25.8% quarter-on-quarter, compared to 23.1% in the first quarter last year while fixed asset investments increased by 26.6% in the first two months this year, 2.1 percentage points more than the same period last year.

National consumer good retailing increased by 11.7%, or 0.2 percentage points less than the previous quarter.

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