GDP grows 9.7% in Q1

China's gross domestic product (GDP) grew 9.7% in the first quarter to US$326.6 billion, according to the National Bureau of Statistics, which said the unexpectedly high growth rate was driven by fixed asset investment, particularly in urban property. Fixed asset investment in the first quarter totaled US$106.3 billiion. Year-on-year GDP growth in the last two quarters has been at 9.9%. China is aiming for total GDP growth this year to be around 7%. Beijing has been expressing increasing concern regarding runaway spending by local governments.