China will put the brakes on its economic bullet train

BEIJING, April 18 (Xinhua): Just as it lowered the speed of its Beijing-Shanghai bullet train to ensure safety and affordability, China is trying to slow down its rapid economic growth to encourage sustainability over the next five years. The government's efforts can be seen in economic data from the first quarter of 2011, or the start of China's 12th five-year development plan. China's economy expanded by 9.7 per cent in the first quarter, tapering slightly from the 9.8 per cent growth posted in the fourth quarter of last year, according to economic data released last week. Sheng Laiyun, a spokesman from the National Bureau of Statistics, called the performance a sign of "steady growth" and "a good beginning." Consumer spending contributed 5.9 percentage points to the country's gross domestic product in the first quarter, exceeding the 4.3 percentage points contributed by investment. This makes consumer spending the biggest driver of the world's second largest economy. China also saw a trade deficit of 1.02 billion US dollars from January to March this year, the first quarterly trade deficit in six years.