Shares in Shanghai slipped yesterday after a report showed China's economic growth rose faster than expected, fueling concerns among investors of an interest rate hike.

　　The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, shed 0.98 percent to 1,172.56. The A-share Index slid 0.98 percent to 1,229.82, and the B-share Index ended 0.98 percent lower to 78.34.

　　"Although the published data indicated the pace of growth was slower from a year earlier, it is still at a high level and beyond expectation," said Zhang Qi, an analyst with Haitong Securities Co Ltd.

　　"This increased the possibility of an interest rates rise to further rein in the heated economy," he added. "And it's very likely to further strike the lackluster share market already plagued by the additional shares float of Baoshan Iron and Steel."

　　The country's gross domestic product rose 9.5 percent in the first three months of this year, the National Bureau of Statistics announced late Wednesday.

　　Investment in fixed assets surged 22.8 percent, according to Zheng Jingping, the bureau's spokesman. He said the government might step up controls to cool the investment.

　　China Minsheng Banking Corp, the country's first privately controlled lender, slipped 0.43 percent to 4.6 yuan (55.4 US cents).