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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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