CHINA’S economy expanded by 9.2 percent last year, slowing from 2010, as global turbulence and efforts to tame high inflation put the brakes on growth, data showed yesterday.

    But the still healthy annual growth suggested that the world’s number two economy would avoid a much-feared hard landing despite slumping demand from key export markets in the United States and Europe, analysts said.

    The figures, down from 10.4 percent growth in 2010 but well above the government last year target of 8.0 percent, also suggest the central bank will be less likely to ease credit in the short term.

    China’s gross domestic product (GDP) grew 8.9 percent in the fourth quarter, the National Bureau of Statistics said, slower than in the third quarter, but still exceeding analyst expectations.

    Output from the country’s millions of factories and workshops rose 13.9 percent for all of last year, a slower pace than in 2010, as manufacturers faced reduced demand from key export markets.

    Urban fixed asset investment — a measure of government spending on infrastructure — rose at a slightly slower pace of 23.8 percent last year as Beijing retreated from stimulus measures.

    And retail sales, a key indicator of consumer spending, rose 17.1 percent last year, slightly slower than in 2010, despite government moves to boost domestic consumption and make it play a greater role in economic growth.

    Statistics bureau chief Ma Jiantang warned that China could face a tough year ahead in light of Europe’s sovereign debt crisis.

    Most economists are predicting GDP growth of 8.0-8.5 percent for this year. China will unveil its economic growth target at the annual session of the legislature in March.

    Year-on-year growth in China has slowed for four straight quarters as the country — anxious about soaring costs — restricted lending and hiked interest rates, while U.S. and European demand for Chinese-made products also weakened.(SD-Agencies)