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China's economy records 10.3% growth

Beijing - China recorded 10.3% economic growth last year while inflation held at about 5% in December, Hong Kong broadcaster Phoenix Television reported Wednesday.

It said the figures came from a report leaked ahead of the government's planned release of its annual economic data Thursday.

The growth figure is higher than a World Bank forecast of 9.5% and compares with 9.2% growth in 2009.

Annual consumer price inflation reached 3.3% last year, exceeding the government's target of 3%, the report said.

It said monthly inflation in December was high at 4.6% but was marginally down from a 28-month record of 5.1% in November.

The government last week reported a 6% drop in its annual trade surplus after a larger than expected fall in December.

Total trade value soared by 35% to $2.97 trillion last year, with exports rising 31% to $1.58 trillion and imports hitting $1.39 trillion, up 39%.

The World Bank has forecast economic growth of 8.5% for 2011 while the Chinese government projects 8%.

The government took a series of measures aimed at curbing bank lending last year as part of its efforts to control inflation and cool the overheated property market.

 

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