Beijing, China (AHN) – China’s economy grew at a galloping pace of 10.3 percent last year, up from a vigorous 9.2 percent in 2009, according to figures released Thursday by the National Bureau of Statistics (NBS).

NBS officials also said China’s gross domestic product (GDP) rose by 10.3 percent last year to $6.05 trillion.

The news renewed speculation that China will allow its currency to strengthen against the value of the currency of other nations, particularly the U.S. dollar.

Economic growth in the fourth quarter followed 9.6 percent in the third quarter, 10.3 percent in the second and 11.9 percent in the first quarter. China’s economic growth for 2010 surpassed the initial target rate of 8 percent set by government officials.

It was the fastest pace of growth since the global economic downturn. However, there are fears that China’s economy is growing too fast and that such growth could fuel inflation.

December’s consumer inflation rate was 4.6 percent down from a 28-month high of 5.1 percent in November.

View full post on All Stories