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Home > News and Opinion > Signs Of Economic Improvement Seen In China

Signs Of Economic Improvement Seen In China

George Sterling | Thursday, October 18th, 2012

The 2nd largest economy in the world, China is showing signs of economic improvement after a rough quarter. China’s economy, just as all other economies, has been severely affected by the world economic crisis.

According to data revealed on Thursday, China grew 7.4% from the past year in the last three months ending in September. The noted economic growth in the last three months is slower than the country’s economic growth in the 2nd quarter, which was 7.6 percent. However, the decline in growth from the 2nd quarter to the 3rd quarter was slower as compared to the earlier quarters.

Moreover, economists noted that the quarter-to-quarter economic growth of 2.2%, which happens to be the largest gain in 12 months, is sign of economic recovery.

According to Credit Agricole CIB’s senior economist, Dariusz Kowalczyk, this gives confirmation that China is rebounding. Moreover, he also said that there is no space or need for any other big stimulus.

China’s economy rebounded after the world’s largest economy posted strong U.S housing data, suggesting that consumer confidence is increasing. Moreover, the higher corporate earnings that were also posted by U.S just recently also helped in boosting the overall global sentiment.

The U.S economy and China’s economy are two of the major key players in the world economy and their positive momentum will have a positive effect on the global economy.

Moreover, China’s improvement will also have a positive impact on other economies such as Australia, Brazil and other African countries.

China’s Premier, Wen Jiabao also confirmed that China is showing signs of improvement, as the country’s top economic official said that economic growth is stabilizing in China. Moreover, Wen also confidently said that the 2nd largest economy will be able to meet its official targets for the upcoming year. However, no economic growth forecasts were given by Wen, whereas he also didn’t give a time frame for China’s full recovery.

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