Global Rising Rates Repercussions (2)

China's boom in lending and investment

New loans soared at least 61% ,causing investment in factories and other fixed assets to climb 29.8%.

China's boom in lending and investment, which has contributed to the country's rapidly rising exports, pushed growth in China's economy to 10.2% .

That was high even by China's extraordinary standards, and so strong that President Hu himself warned that the country needed efficient, high-quality development and not "excessively rapid economic growth."

Prime Minister Wen Jiabao warned that China would move to tighten controls on real estate and lending.