China seems living up to economic speculations by global experts as Beijing stepped up its efforts to slow down the country's accelerating expansion with the latest figures from the National Bureau of Statistics (NBS) showing that the Chinese economy merely grew at a rate of 10.3 percent over the year and leading to June.

The new NBS numbers paled in comparison to the median forecast given by Bloomberg to the giant Asian economy, projected at 10.5 percent annual growth for the June quarter but still way over from the 8.5 percent full year growth target by the country's central government.

The NBS said that the country has already achieved a solid base by reaching its full year growth forecast but it underscored that economic policy makers could ill-afford to relax now as they have to closely monitor "volatility from abroad and problems that remain domestically."

Earlier, Beijing launched into effecting some measures that were seen as precautionary safeguards to guide the country far away from inflationary bubble impacts, in which banks were advised to institute tighter lending measures specifically to the real estate sector while national production of steel was deliberately reduced.

The ploy appeared to have work so far as inflation saw some substantial easing with both consumer and producer indices registering better figures as against the projections by leading economists.

Consumer prices spike only 2.9 percent for the year to June as against Bloomberg's forecast of 3.3 percent while producer prices jumped by 6.4 percent, which is a bit below from the expectations of at least 6.8 percent, again from Bloomberg.

Amidst some apparent gains from new Beijing measures, NBS said that the state remained wary on economic developments and is far from letting its guard down as it noted that the government is closely monitoring "the steady and sound development of the property market."

It added that the State Council noticed that property prices in some cities were increasing at a dizzying pace, prompting for the issuance of appropriate in this regard which netted positive results so far.

The NBS expressed confidence that the momentum of the fast rising property prices has been checked as it gave assurance that Beijing's current policy of strict measures on the property sector should not impact the economy, at least in the short term.