January 27, 2010

China Year End 2009 Data Shows Strong Stable Growth

Remember how 2009 began (much like this new year) with predictions of a crash in China because Beijing had poor experience handling a recession and China couldn't possibly decouple from the global recession? Turns out the Chinese economy grew steadily and healthfully all 2009. Here are data points for last year: GDP expanded 8.7%; retail sales grew (in real terms) 16.9%, better than 2008; fixed asset investment grew 30.1% with urban fixed asset investment at 30.5%; capital expenditure investment in secondary & manufacturing industry expanded 26.8%; RMB 9.59 trillion (Yuan) in loans were issued, a 95% increase; exports were down -16% to $1.2 trillion (US dollars) and imports dropped -11.2% to $1 trillion; with exports down Chinese industrial output grew only 11%, the slowest since the 2001 recession; Beijing's foreign exchange reserves grew to $2.4 trillion; although food prices remain inflationary, overall CPI deflated to 0.7%....

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