China fourth-quarter GDP up 8.9%, beats estimates

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China fourth-quarter GDP up 8.9%, beats estimates (by V. Phani Kumar)

HONG KONG (MarketWatch) -- China's gross domestic product accelerated at a faster pace than expected in the fourth quarter, belying fears of a slowdown in the country's growth momentum because of economic weakness in Europe. The country's GDP in the October to December period rose 8.9% from the year-ago quarter, weaker than the 9.1% expansion recorded in the three months to Sept. 30, but faster than the 8.6% growth tipped in a Dow Jones Newswires poll of economists. Other monthly economic indicators also beat expectations, with December retail sales climbing 18.1% from a year-earlier, while industrial output during the month rose 12.8%. China's Shanghai Composite (CN:SHCOMP) gave up most of its early gains and was little changed at 2,206.01 after the data.

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