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To: regli who wrote (51231)	1/24/2006 9:51:21 PM
From: shades	Respond to of 110194

quote.bloomberg.com China's Economy Overtook France's Last Year With 9.9% Growth ``China relies too much on exports, and consumption is too weak,'' said Ha Jiming, chief economist at CICC Corp, China's largest investment bank, which is part owned by Morgan Stanley. ``If external demand falls for any reason and domestic demand can't consume what China's producing, you'll get overcapacity, wasted investment, deflation and rising non-performing loans.'' DJ DATA SNAP: China 4Q GDP +9.9% On Yr Vs Expected +9.5% -2- The bureau also revised its estimates for China's quarterly GDP in the first nine months of 2005. First-quarter 2005 GDP was raised to 9.9% from an original estimate of 9.4%. Second-quarter GDP was revised to 10.1% from 9.5%, and third-quarter GDP was raised to 9.8% from 9.4%. "Looking into the year 2006, the global economic environment and domestic situation are encouraging," the statement said. The bureau said existing problems remain in economic performance such as "oversized investment in fixed assets with an irrational structure" as well as a weak agricultural base and grain output. Among other indicators for full-year 2005, the bureau said China's consumer price index rose 1.8%, while the producer price index rose 4.9%, and retail sales were up 12.9%. Value-added industrial output was up 11.4%, and national fixed-asset investment expanded 25.7% last year. In December, China's CPI was up 1.6% from a year earlier, slightly faster than market expectations for a 1.5% gain. PPI rose 3.2% and retail sales were up 12.5% from a year earlier last month, the statement said. Industrial output grew 16.5% from a year earlier in December, slightly underpacing expectations for a 16.6% gain, while FAI last month grew 24.2% from a year earlier, compared with expectations for a 24.6% gain.