China is undoubtedly the world's best performing major economy in the world with the release of the last economic growth figures. Financial Times reported recently on the latest figures:
China’s economy is on track to hit the government’s growth target of 8 per cent this year following increased government spending and a surge in bank lending in the second quarter.
The economy expanded at an annual rate of 7.9 per cent in the three months to the end of June, with investment, industrial production and retail sales all contributing to higher output.
China’s accelerating growth has already lifted prices of commodities such as iron ore and copper and boosted economic output of raw materials exporters such as Australia and Brazil.
The speed of the Chinese recovery, without an accompanying boost in demand from advanced economies in North America and Europe, has surprised economists and led the International Monetary Fund to revise higher its outlook for the world economy earlier this month.
The bank lending and fiscal spending has driven fixed-asset investment, the prime engine of growth, up 33.5 per cent in the first half of the year compared with the same period in 2008.
Government incentives for consumption, such as rebates on buying cars and white goods, helped support retail spending, which expanded 15 per cent in the first six months of the year.
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