Figures show China's economy booming

China's economy is the fastest growing among the world's major economies with official figures showing GDP was up 9.1% in 2003.

Li Deshui, commissioner of the National Bureau of Statistics, said yesterday the economy is growing at its fastest rate since 1997.

China's strong performance was due to growth in trade, foreign investment, and consumer spending.

Chinese officials are predicting a cautious 7% growth in 2004, a figure most economists expect to be beaten.

China's industrial production jumped 17% in 2003.

Retail sales rose 9.1%, while disposable income rose 9.3% in urban areas and 4.3% in the countryside in the year.

The growth rate in the final three months of last year was even more rapid, up 9.9%.