• From The BBC:

    China’s economy grew at an annual rate of 7.9% between April and June, up from 6.1% in the first quarter, thanks to the government’s big stimulus package.The country’s quickening economic expansion comes as most nations in the West continue to experience recession. Beijing now expects China to achieve 8% growth for 2009 as a whole, which compares with a predicted contraction of between 1% and 1.5% in the US. However, the Chinese government warned that some economic challenges remain. ‘Numerous challenges’The BBC’s correspondent in Shanghai, Chris Hogg, said China’s latest economic growth was largely due to the government’s 4 trillion yuan ($585bn, £390bn) economic stimulus plan unveiled last November.
    Yet Chinese officials said the increased economic expansion between April and June could not obscure continuing problems.
    China’s economy is recovering earlier than many had expected. That’s largely due to the government’s massive economic stimulus package unveiled last November,…

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    Posted by Jon @ 7:17 pm

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