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China economy

grows 11.7 pc

BEIJING: China's economy grew by an average of 11.7 percent during the 1990-95 Eighth Five Year Plan, some 3.0 to 4.0 percentage points higher than projected, the State Statistics Bureau said.

It projected growth in 1995 at 10 percent, still running higher than the government target of 8-9 percent.

The report estimated that between 1991 and 1995, China would have completed a total investment of 3,890 billion yuan in fixed assets, an annual growth rate of 17.9 percent - about 3.4 percentage points higher than planned and 13.6 percentage points higher than in the previous five years.

Investment in fixed assets by state-owned enterprises is expected to grow at an annual rate of 22.9 percent in real terms in 1990-95, much higher than the 4.1 percent growth rate for the previous five years.-Reuter