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Alibaba Night for Hong Kong Trade Show goers China CPI and PPI data delight, but banker urges for tightening
China Gross Domestic Product expanded 8.9 percent in Q3 2009
China’s gross domestic product (GDP) grew 8.9 percent year on year in the third quarter of this year, bringing the country’s growth target of 8 percent for 2009 one step closer.
The National Bureau of Statistics (NBS) said in Beijing on Thursday that the country’s economy is on the recovery path stemming from steady domestic demand.
With GDP expanding 7.7 percent in the first nine months, analysts said the government will easily beat its target of 8 percent average growth for all of 2009. The goal looked fanciful early this year as the economic downturn is till in its full swing.
Amid feeble signs of economic turnaround in other major countries, China is believed to bounce back with stronger annual growth in 2010.
On Wednesday, China’s top leaders signaled their own concerns over imbalances in the economy, with the State Council saying policy will shift to dealing with waste and other problems of high growth.
“In the first three quarters, the pace of economic growth quickened,” the State Council said in a statement after a meeting with Premier Wen Jiabao.
“At the same time, we also are clearly aware that there are still difficulties and problems in the economic and social development of our country.”
The focus in the next few months will be on curbing industrial overcapacity, promote new industries, maintain liquidity and lower unemployment, it said.
China-Q3-2009-Gross Domestic Growth quickened to 8.9 percent_ photo courtesty of Reuters
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Just to add China is home to the fastest-growing economy the world has ever seen. In the face of a crippling global economic downturn, China powered ahead in 2009, driven by big government stimulus programs and large increases in bank lending. And while China isn’t immune to the downturn, it continues to experience impressive growth and resiliency. companies in china and its citizens are growing richer each day.