China continues blistering growth

China's economy grew by 10.2 percent in the first quarter showing no evidence that the juggernaut is slowing down.


Worker rests in front of billboard in Shanghai. Reuters photo from Yahoo News

The rising yuan seems to have had no dampering effect on Chinese growth and that could encourage President Hu Jintao to allow the currency to creep even higher.

U.S. legislators have claimed that the yuan is as much as 40 percent undervalued giving the Chinese an unfair trade advantage.

Even within China there is some fear that the economy may be growing too fast and that monetary adjustments are desirable to prevent overheating.

Current growth rates have exceeded government expectations, part of a regular trend and Hu expressed reservations about excessively rapid expansion.

"We are concerned about the pace of development and the quality and the effect of our growth. We are also concerned about saving our resources, environmental protection and the improvement of our people's livelihood."

China GDP posts real 10.2% growth in January-March: Xinhua