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Nation's GDP grows 10.9% in first half

(Xinhua)
Updated: 2006-07-18 10:49

China's economy surged a year-on-year 10.9 percent in the first half of 2006, the National Bureau of Statistics (NBS) revealed Tuesday, roaring ahead despite a slew of measures imposed by the government to ease investment growth.

A labourer works on the scaffoldings at a construction site in Nanjing, capital of east China's Jiangsu province July 11, 2006. China's gross domestic product (GDP) grows a stunning 10.9 per cent in the first half compared with the same period of 2005, state media reports said. [Reuters]

Total gross domestic product between January and June reached 9.14 trillion yuan (1.14 trillion U.S dollars), NBS spokesman Zheng Jingping told a press conference in Beijing Tuesday morning.

China's macro-economy presents "obvious overheating of investment" in the first half of this year, Wang Xiaoguang, a macroeconomics professor at the economic research institute of the National Development and Reform Commission, told Xinhua.

The NBS said total investment in roads, factory equipment and other fixed assets soared 29.8 percent, an increase of 4.4 percentage points from the same period of last year.

"The overheating is all-round, in nearly all industries and all regions of the country," Wang said, urging the government to tighten macro-control to contain the trend.