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China Reports Fastest Growth in Years
BEIJING
July 06 – China reports that its economy grew a blistering
eleven-point-three percent in the second quarter from a year
earlier.The fastest growth rate in a decade is spurring speculation
that Beijing could raise interest rates to cool the
expansion.Authorities fear that the sizzling growth could ignite
inflation, which remained a mild one-point-three percent in the first
half.Beijing is also worried that frenzied construction of housing,
factories and shopping malls could create a supply glut, even
triggering a financial crisis if developers default on loans.Despite
attempts to slow growth, including a rate hike in April and curbs on
investment in new factories and other assets, China’s economy
accelerated from the first quarter.
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