Chinese growth soars 9.7% in first quarter

Chinese growth raced ahead 9.7% in the first quarter of 2011, while inflation hit its highest level since 2008.

China's National Bureau of Statistics says China's economy continued its boom in March, with the economy growing a faster-than-expected 9.7% between January and March year on year.. Consumer prices rose by 5.4% in March compared with a year earlier. This was up from 4.9% the month before. The government has been taking steps to try to cool property and food prices by raising rates but it is yet to have an impact. Yesterday at a summit of BRIC leaders, Chinese president Hu Jintao warned there was a risk to economic from stability from "massive cross-border capital flows."