China’s economy expanded faster than expected at the end of last year adding to concerns about overheating and prompting expectations of further monetary tightening in the coming months.
Fourth quarter GDP growth rose to 9.8 per cent, beating expectations, with GDP growth for the year at 10.3 per cent, up 1.1 percentage points from 2009.
The figures also confirm that China surpassed Japan for the first time last year to become the world’s second-largest economy after the US.
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