Beijing buoyed by August economic data

Beijing believes the economy is on course to hit its growth target for 2009 following the release of encouraging data for the first eight months, AFP reported. Li Xiaochao, a spokesman for the National Bureau of Statistics, said the data suggests China "has a laid a good foundation" for achieving full-year GDP growth of 8%. Industrial production expanded by 12.3% year-on-year in August, up from 10.8% in July, the fourth consecutive monthly improvement. Urban fixed-asset investment was up 33% for the first eight months, on a par with growth for the January-July period. Retail sales were also strong in August, posting growth of 15.4% year-on-year compared to 15.2% in July, while consumer prices declined by 1.2%. It was seventh consecutive month that China’s consumer price index has fallen.