China's GDP rises 10.4% in H1

By Leo Zhang  |   2008-7-17  |     ONLINE EDITION

CHINA'S economy grew 10.4 percent year on year in the first half of this year, slowing from a 10.6 percent rise in the first quarter, as exports eased, the country's statistics bureau said today.

The gross domestic product in the first six months reached 13.06 trillion yuan (US$1.9 trillion), the National Bureau of Statistics said today in a media briefing. Consumer prices hiked 7.1 percent in June, down from 7.7 percent in May.

Chinese Premier Wen Jiabao said this month that the country would step up efforts to maintain "sound and fast" economic expansion. Exports growth has been slowing in recent months due to higher raw material costs and the yuan's appreciation.

Some economists suggested that the country shift focus to sustaining growth from battling inflation. But the market consensus is that the government shouldn't loosen its tight monetary controls too quickly to prevent a rebound in inflation.