China's growth accelerates to 10.3 in 2010 (AP) (20-01-2011)

SHANGHAI (AP) -- China's economy picked up pace in the last quarter of 2010 to expand an impressive 10.3 percent for the year as its communist leaders struggle to keep growth on an even keel while cooling surging prices.

The inflation rate was 4.6 percent in December compared with a 28-month high of 5.1 percent the month before. That put inflation for the full year at 3.3 percent.

The news rattled investors who fear further moves to dampen credit. Markets across Asia fell, with Shanghai's benchmark Composite Index sliding 2.9 percent to 2,677.65.

Those pressures may force Beijing to slow the economy more aggressively, potentially crimping growth in a world increasingly dependent on Chinese demand.

The news, coming as Chinese President Hu Jintao celebrated what was viewed back home as a triumphant state visit to the United States, accentuated the wide divide between China, which has vigorously rebounded from the global crisis, and the still fragile U.S. and European economies.

Source: AP