Sichuan's Economy Up 10.8% in Q1

Gross domestic product of the quake-hit Sichuan province grew 10.8% from a year earlier to ¥281.5 billion in the first quarter of 2009, provincial statistics bureau said Tuesday. The growth rate was 3.7 percentage points slower than for the same period last year but 1.3 percentage points faster than for the previous quarter. Massive investment for the rebuilding efforts propped up the relatively quicker expansion, according to Hu Pinsheng, deputy director of the bureau. Fixed-asset investment across the province surged 78.2% year-on-year to ¥215.9 billion from January through March, Chengdu, Deyang, Mianyang, Guangyuan, Yaan, and Aba, almost doubled to ¥119.8 billion.

$1 = ¥6.8