Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
ASIA
CHINA’S ECONOMY GREW 10.2% IN FIRST QUARTER, HU SAYS China’s economic growth accelerated to an estimated 10.2% in the first quarter, President Hu said, exceeding economists’ expectations as manufacturing investment and exports surged.
The figure, given by Mr. Hu in Beijing today, is higher than every forecast in a Bloomberg News survey of 25 economists and compares with 9.9% growth in the fourth quarter. The Bloomberg survey had a median estimate of 9.6%.
The acceleration may prompt the government to tighten lending and investment restrictions to prevent bad loans and overcapacity that could cause a sharp slowdown in the world’s fastest-growing major economy. Faster growth may also intensify American calls for China to let its currency strengthen, as Mr. Hu prepares to meet President Bush in Washington this week.
“Frankly speaking, we do not want to pursue excessively rapid economic growth,”Mr.Hu said during a meeting with former Taiwan nationalist party leader Lien Chan that was broadcast live on television. “What we are seeking is efficiency and quality of development.”
– Bloomberg News
