CHINA: China posts 7.9% GDP growth for second month
China has reported a 7.9 per cent year-on-year growth in its estimated gross domestic product (GDP) for the second quarter, spurred by a government economic stimulus package. The April-June figure was up from 6.1 per cent in the first quarter and took ChinaÃ¢â‚¬™s GDP growth to 7.1 per cent for the first six months of […]
August 1, 2009
The April-June figure was up from 6.1 per cent in the first quarter and took ChinaÃ¢â‚¬™s GDP growth to 7.1 per cent for the first six months of this year compared with the same period last year, according to the countryÃ¢â‚¬™s National Bureau of Statistics.
In another sign of improvement, ChinaÃ¢â‚¬™s industrial output grew by 10.7 per cent year-on-year in June, the first double-digit figure in nine months, the bureau said.
The World Bank last month raised its forecast for ChinaÃ¢â‚¬™s annual GDP growth to 7.2 per cent, saying the country was posting Ã¢â‚¬ËœrespectableÃ¢â‚¬™ growth fuelled by the governmentÃ¢â‚¬™s four-trillion-yuan (590- billion-dollar) spending package.
The infrastructure-centered spending package promoted government-related investment this year, accompanied by a surge in new bank lending and continuing growth in domestic consumption, the World Bank said. ChinaÃ¢â‚¬™s forex reserves also exceeded the US$2 trillion mark for the first time.