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China`s economic comeback is under way, towing along companies from Intel Corp. to Hyundai Motor Co., driving record imports for Canadian commodites such as copper, and starting to make up for weak demand in other major economies.
The world`s third-largest economy grew 7.9% in the second quarter from a year earlier after expanding at the slowest pace in almost a decade in the previous three months, the government statistics bureau said Thursday. The first acceleration in growth in more than two years came after the government implemented a 4-trillion yuan (US$585-billion) stimulus plan and prodded banks to lend more.
China is the only one of the 10 biggest economies that is expanding, highlighting the role the nation may play in easing the worst global recession since the Great Depression. The U.S. economy is still shrinking, five months after Congress agreed to President Barack Obama`s US$787-billion stimulus package.
"China cannot save the world by itself, but its recovery is a definite positive," said Brian Jackson, a strategist at Royal Bank of Canada in Hong Kong. "China has a lot more control over how its banks do business and they were in a lot stronger position than U.S. banks to implement policy stimulus."
Read the full article here.
The world`s third-largest economy grew 7.9% in the second quarter from a year earlier after expanding at the slowest pace in almost a decade in the previous three months, the government statistics bureau said Thursday. The first acceleration in growth in more than two years came after the government implemented a 4-trillion yuan (US$585-billion) stimulus plan and prodded banks to lend more.
China is the only one of the 10 biggest economies that is expanding, highlighting the role the nation may play in easing the worst global recession since the Great Depression. The U.S. economy is still shrinking, five months after Congress agreed to President Barack Obama`s US$787-billion stimulus package.
"China cannot save the world by itself, but its recovery is a definite positive," said Brian Jackson, a strategist at Royal Bank of Canada in Hong Kong. "China has a lot more control over how its banks do business and they were in a lot stronger position than U.S. banks to implement policy stimulus."
Read the full article here.