China’s economy grew 11.9% in the first quarter to US$1.19 trillion, 5.7 percentage points higher than the same period last year, state media reported, citing data released by the National Bureau of Statistics (NBS). Economic growth in the first quarter accelerated from the 10.7% figure recorded in the fourth quarter of last year and was above expectations of 11.5% growth. China’s State Council said first quarter growth was due largely to low base effects from the year before. However, the State Council also pointed out that other factors, including rapidly rising property prices, are also driving up prices and giving cause for concern about inflation. The NBS said the consumer price index rose 2.2% over the same period, and fell 0.7% in March from the previous month.
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