China’s economy grew 9.1 % in 1Q '11
18 Oct 2011
China's overheated economy cooled somewhat from July through September, but is still expected to remain the envy of many western countries as they struggle to recover from the global economic meltdown.
The quarter saw China's gross domestic product grow at an annual pace of 9.1 per cent during the third quarter, falling from the 9.5 per cent growth it clocked in the second quarter and 9.7 per cent growth in the first three months of the year.
This was against the 1.3 per cent growth in the US and 0.2 per cent growth in the 17-country euro zone in the second quarter. (The eurozone countries are yet to release third quarter figures.)
China's government is struggling to gain control over high inflation taking care not to push the economy into a so-called hard landing.
The People's Bank of China, playing its role in the process, had tried to tighten credit markets by raising interest rates five times over the period from last October. It has also imposed increased requirements on many of the nation's banks.
However the effect on inflation is expected to be slow in coming with consumer prices still rising at breakneck speed. In September, prices saw an increase of 6.1 per cent annually, as against just 3.6 per cent from a year earlier.
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