China's GDP, inflation figures beat expectations

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China's GDP, inflation figures beat expectations (by V. Phani Kumar)

HONG KONG (MarketWatch) -- China's first-quarter gross domestic product expanded at a faster-than-expected rate of 9.7% from the year-earlier period, while the consumer price index for March also climbed a faster-than-estimated 5.4%, according to official figures released Friday. Retail sales for March also beat expectations, rising 17.4% from the year-ago period, while urban fixed-asset investment for the January-to-March period increased 25%. The data were all stronger than markets estimated and reaffirmed the strengh of the Chinese growth engine, but also kept worries alive that further monetary tightening from Beijing could be coming soon. According to estimates compiled by Reuters, economists expected first-quarter GDP to rise 9.5%, while March CPI was seen climbing 5.2%. Hong Kong and Shanghai stocks rose after the data, with the Hang Seng Index (HK:HSI) gaining 0.8% to 24,214.93, while the Shanghai Composite Index (CN:SHCOMP) added 0.4% to 3,055.74.

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