China's economy grows 10.3% in 2010: report

China's economy grew 10.3% last year as inflation exceeded the government's full-year target, Hong Kong-based Phoenix Television said on its website today.

China's economy grew 10.3% last year as inflation exceeded the government's full-year target, Hong Kong-based Phoenix Television said on its website on Wednesday.

HT Image

The broadcaster cited unnamed central bank sources as saying the figures had been "leaked" a day before the government is due to release key economic data for December and 2010.

The country's consumer price index, a key measure of inflation, rose 3.3% from a year earlier over the 12 months, exceeding Beijing's full-year target of three percent as food costs soared.

December inflation slowed to 4.6% year on year compared with 5.1% in November, which was the fastest pace in more than two years.

The producer price index, which measures the cost of goods at the factory gate, jumped 5.9% over the year.