The newspaper China Daily announced today an anticipated GDP growth of 8.5% for Q3 2009. The article continues:
"China's gross domestic product will grow about 8.5 percent in the third quarter from a year earlier, picking up from the second quarter's 7.9 percent pace, a government think-tank said on Friday.
The bullish forecast comes against a background of anxiety in world markets that Chinese growth might falter as a boom in fiscal spending and bank lending peters out.
The State Information Center (SIC) said growth in bank credit would "normalize" in coming months but warned that any abrupt slowdown in lending would leave many State-backed projects unfinished and result in a new crop of non-performing loans.
New lending will rebound to about 500 billion yuan ($73 billion) in August after shrinking to 356 billion yuan in July, the official China Securities Journal reported."
This is in a manner good for the US allowing China to continue to finance its customers but bad for the US because soon China will be able to stand alone. This growth is despite the US downturn.
This is in a manner good for the US allowing China to continue to finance its customers but bad for the US because soon China will be able to stand alone. This growth is despite the US downturn.
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