China grows faster amid worries

**China’s annual gross domestic product has recorded an year-on-year increase of 7.9% in the second quarter of 2009, up from 6.1% in the first quarter.**The National Bureau of Statistics (NBS) announced the figure and but warned that economic recovery was not yet assured.

Economists had forecast a second-quarter growth rate of 7.5%.

The government has claimed it would achieve 8% growth over the year, well ahead of much of the world.

China’s growth figures, which peaked at 10.6% in the second quarter of 2008, are widely watched for indications of recovery in world trade.

But officials said the numbers could not obscure continuing problems.

“The difficulties and challenges in the current economic development are still numerous,” said spokesman Li Xiaochao at a news conference.

“The basis of the rebound of the people’s economy is not stable,” he said.

“The base for recovery is still weak. Growth momentum is unstable. The recovery pattern is unbalanced and thus there are still uncertain and volatile factors in the recovery process,” the NBS said in a statement distributed ahead of a news conference.

It said that urban per capita incomes were up 11.2% from a year earlier and that real rural per capita incomes were up 8.1%.

Meanwhile, China’s consumer price index fell 1.7% in June compared with the same month a year earlier, the fifth consecutive monthly decline.

Public private progress

The BBC’s correspondent in Shanghai. Chris Hogg, says the new GDP growth is largely due to the government’s massive economic stimulus package unveiled last November.

But the private sector is doing its part too, he explained.

China’s state controlled banks have lent huge amounts of money to the country’s state owned and private sector businesses.

Companies have used the cash to try to avoid shedding jobs and to invest in new equipment, he adds.

The many new government infrastructure projects have provided employment for many of the migrant workers who have been laid off - mainly in the export sector, our correspondent says.

Industrial output - a measure of activity in the nation’s factories and workshops - grew by more than 10% year on year in June.

Urban fixed asset investment - a measure of government spending on infrastructure - rose by more than 35% over the same period.

China’s GDP growth in the first quarter of 6.1%, had been the weakest growth since quarterly records began in 1992.

China experienced double-digit growth from 2003 to 2007, and recorded 9% growth in 2008.

China is implementing a 4 trillion yuan ($585bn, £390bn) stimulus package to counter the impact of the global slowdown.

But a lot of this growth is spurred by the government pumping money in the economy. China still has a large pool of unemployed people.

Re: China grows faster amid worries

China is reaping the fruits of its investments and hard work. Almost everything is made in China nowadays.

As the saying goes "Big things come in small packages"...a few decades ago who woulda thought that China would be in a position to rival US by just making toys/garments/little stuff, etc...

how times change! :)

Re: China grows faster amid worries

Blistering growth rates.

How can we adopt the Chinese model for economic development?

To start with
Declare yourself secular first don;t lok everything with religion chashma

Religion has nothing to with it. Being religious vs. extremist are two different things.

Next.

Be CIVILIZED!!!!!!!!!!!!!!!!

That means be humble,

Obey the law of the country

Work day and night for the West.

Be very very "nice" to the tourists, businessmen especially from the Western countries.

Do not mix religion with business and trade.

Forget about dhoom dhoom democracy and have an iron-handed stability.

Lets hope and pray, heck lets hold a vigil that China hears these words of wisdom because China "oh so dearly" needs the advice right now.

I joke.

China's growth is testament to its individualistic policies, not because of its rear kissing attitude as the above post suggests. Other Asian nations are fast progressing because they work for their own interest, and don't act like "Western maids". The more a nation realizes its own potential, produces sincere leaders, hardworking labor class, and policies that put national interests above the interests of conflicting "allies", that nation is bound to be successful. Case in point, China. From the world's toymaker to a potential World leader which continues to stun economists and grows exponentially.

Once the geney of religion is out there is no way of its containment a very this division exists between extremist and pacifist