China's GDP Grew 11.9% in the First Quarter

China's gross domestic product (GDP) registered a year-on-year increase of 11.9 percent reaching 8.05 trillion yuan (1.18 trillion US dollars), the National Bureau of Statistics (NBS) announced on Thursday morning.

The growth rate was 5.7 percentage points higher than the same period last year, said Li Xiaochao, NBS spokesman, at a press conference held by the State Council Information Office.

Li also released other first quarter economic figures at the press conference.

China's consumer price index (CPI), a main gauge of inflation, rose 2.4 percent in March compared with March of last year. The figure was 0.7 percentage points lower than the previous month's, and its first quarter figure was up 2.2 percent.

The producer price index (PPI), another measure of inflation at the wholesale level, registered a year-on-year increase of 5.9 percent in March. Its first quarter figure rose 5.9 percent from a year earlier.

China still maintained a high momentum in fixed-asset investment.

The fixed-asset investment in the first quarter expanded 25.6 percent from a year earlier to 3.53 trillion yuan (517.1 billion US dollars), the NBS said.

Specifically, real estate investment registered a year-on-year first quarter increase of 35.1 percent reaching 659.4 billion yuan (96.6 billion US dollars).

China's retail sales in the first quarter rose 17.9 percent from the previous year earlier reaching 3.63 trillion yuan (531.7 billion US dollars).

This article was edited by Rose Scobie.