China GDP grows 7.1% in First Half '09

The gross domestic product (GDP) grew 7.1 percent from the same period a year ago to 13.99 trillion yuan (US$2.06 trillion) in the first half, as massive government spending and record lending helped the economy rebound from the worst growth in a decade. Urban fixed-asset investment up 33.5% in H1 China's urban fixed-asset investment in the first half year rose 33.5 percent from a year earlier. The figure is 7.2 percentage points higher than the same period of last year. Industrial output up 10.7% in June China's industrial output expanded 10.7 percent in June from a year earlier, faster than the 8.9 percent rate in May.It makes the industrial output growth rise to 7 percent for the first half. Retail sales up 15.0% in H1 China's retail sales in the first half year rose 15.0 percent from a year earlier, the National Bureau of Statistics announced Thursday. FDI falls 17.9% in first half China's used foreign direct investment (FDI) dropped by 17.9 percent to US$43 billion in the first half of this year from a year ago, said Yao Jian, spokesman of the Ministry of Commerce, Wednesday. June CPI falls 1.7% China's consumer price index (CPI), a main gauge of inflation, declined 1.7 percent in June from a year earlier. Foreign reserves top $2.13t by June China's foreign exchange reserves topped $2.13 trillion by the end of June, up 17.84 percent year on year, the People's Bank of China said Wednesday.