In Brief : China’s Growth Eludes Control
China said today that a four-month austerity program has failed to slow its runaway economy.
The Economic Daily said industrial output in the fourth quarter surged by 18.8% over the same period last year, the fastest quarterly growth of 1988, despite tough measures introduced in September to slow it down.
“This high-speed growth is wrong for China,” the paper said. “It has led to shortages of cash and credit, foreign debt and serious problems in transport.”
The State Statistical Bureau said industrial output, although down from more than 20% growth in October, rose at a faster rate in December than in November.
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