China's first half growth off slightly from 2004

China’s first half growth off slightly from 2004

China's National Bureau of Statistics (NBS) announced that China's GDP grew 9.5 percent year on year to RMB 6.74 trillion ($812 billion) in the first six months of 2005. The growth, 0.2 percentage points lower than that of the same period in 2004, remains on par with China's 27-year average GDP growth rate of 9.4 percent. Through the first half of 2005, fixed-asset investments increased 25.4 percent year on year to RMB 3.29 trillion ($398 billion). The NBS said that the government would try to curb fixed asset investments a bit more. The consumer price index (CPI) rose 2.3 percent in the first half of 2005, slightly off from 2004's first-half growth of 3.6 percent. The producer price index (PPI) jumped 5.6 percent year on year as the purchase price for raw materials, fuel and power increased 9.9 percent, straining many of the nation's steelmakers. China's foreign trade volume increased 23.2 percent to reach $645 billion. The country recorded a $39.6 billion trade surplus in the first half, and the NBS expects China to continue posting a surplus.