The World Bank recently raised its forecast of China’s economic growth rate to 7.2% in 2009 from its earlier forecast of 6.5%. It now projects GDP growth of the world’s third largest economy to reach 7.7% in 2010.
Better than expected economic data from China is likely to raise hopes that the world’s largest emerging economy could help to pull the rest of the world out of recession. The National Bureau of Statistics announced an 8.9% jump in industrial output in May 2009 compared with a 7.3% rise in April.
UK direct exports to China in April were down 9% from a year earlier at £468m, while direct imports were up 15 % at £1.52 billion. 1
All this growth and positivity is on the back of the fact that due to global change from the current recession, China’s overall competitiveness in the world has slipped to 20th position when compared to 17th position in 2008. 2
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1 HMRC – http://www.hmrc.gov.uk
2 IMD Business School – http://www.imd.ch/
