China’s Economy Hums Along
Posted on Oct 22, 2009
As the U.S. struggles to recover its footing due to the economic crisis, China is expecting yet another stellar year as it reports that the country’s economy is on track to reach its target of 8 percent GDP growth this year. —JCL
China has said it is on track to hit its growth target of 8% this year, after the economy grew 8.9% from a year ago in the third quarter.
The figure is up from the 7.9% rate seen in the previous quarter and is the country’s fastest GDP growth since the third quarter of last year.
Separate reports show that industrial production and retail sales also accelerated in September.
Rising domestic demand has helped to keep China’s factories busy.