China's GDP grew 11.4 per cent in 2007, to RMB24.66 trillion, its fastest expansion since 1994, according to official statistics.
The higher-than-projected rise came despite the government’s repeated
interest rate rises and bank lending restrictions aimed at slowing down
China’s investment boom. Growth in the economy did drop slightly in the
fourth quarter, to 11.2 per cent, compared with 11.5 per cent in the
third quarter and 11.9 per cent in the second quarter of 2007.
The overall GDP growth figure ratchets up the pressure on China’s
economic policymakers. “The risk of overheating remains a major problem
for the economy,” said Xie Fuzhan, Commissioner of the National Bureau
of Statistics, quoted in Shanghai Daily. “Along with other [problems],
such as price rises and structural imbalance.”
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