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By Staff
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Google Oneindia News

SHANGHAI, Apr 13 (Reuters) China's economy grew an estimated 8.5 percent in the first quarter from the year-earlier period, but is likely to slow to 7.5 percent for the full 2006 due to stricter controls on fixed asset investment, the country's top economic planning body said.

According to a report by the National Development and Reform Commission's investment research institute, published in the China Securities Journal on Thursday, China's GDP growth will likely slow to 8.0 percent in the second quarter and to 7.8 percent in the third quarter.

China's GDP growth hit 9.9 percent in 2005.

Urban fixed asset investment would grow by 25.4 percent in 2006, slowing marginally from 27.2 percent last year and 27.6 percent the year before, the report said.

In absolute terms, urban fixed asset investment is expected to reach 9 trillion yuan ($1.12 billion) in 2006, the report said.

China has implemented a series of measures since last year to limit lending and rein in speculative investment that had generated a real estate bubble and overcapacity in many industrial sectors.

REUTERS DH BD0541

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