China GDP grows 11.9% in Q1

China's economy is roaring ahead with sizzling speed...GDP in the first quarter grew 11.9% from a year earlier, topping expectations. It's the fastest annual pace in nearly three years. This is according to the National Bureau of Statistics. Guan Xin takes a close look at the economic data.

China's gross domestic product in the first quarter hit 8 trillion yuan. That's an increase of 11.9 percent from last year. The pace is the fastest since the second quarter of 2007.

The NBS says figures show China's economic recovery has gained momentum, laying a good foundation for achieving the government's full year targets.

China is also facing increasing inflationary pressure. The growth of Consumer Price Index, the main gauge of inflation, hit 2.2 percent. The food component of CPI rose 5.1 percent. And the Producer Price Index grew 5.2 percent. The NBS says China must implement policies that adjust the economic structure and manage inflationary expectations if it hopes to achieve sound and fast economic and social development.

The bureau also released other figures, indicating robust expansion in all its major sectors. Industrial output grow by 19.6 percent. Retail sales stayed robust, up nearly 18 percent. Urban Fixed Asset Investment climbed over 26 percent, driven by stimulus spending.