2011/01/19

China's economy grows 10.3% in 2010: report

BEIJING, January 19, 2011 (AFP) - China's economy grew 10.3 percent last year as inflation exceeded the government's full-year target, Hong Kong-based Phoenix Television said on its website Wednesday.

The broadcaster cited unnamed central bank sources as saying the figures had been "leaked" a day before the government is due to release key economic data for December and 2010.

The country's consumer price index, a key measure of inflation, rose 3.3 percent from a year earlier over the 12 months, exceeding Beijing's full-year target of three percent as food costs soared.

December inflation slowed to 4.6 percent year on year compared with 5.1 percent in November, which was the fastest pace in more than two years.

The producer price index, which measures the cost of goods at the factory gate, jumped 5.9 percent over the year.