China Reports 8.7% Growth in 2009

China reported growth of 8.7 percent in 2009 and is now on course to overtake Japan as the world’s second-largest economy behind the US. Official gave credit to the government’s economic stimulus plan for helping China manage the financial crisis.

Jim O’Neill, chief economist at Goldman Sachs, noted in a BBC Radio interview that in “November 2008, they [the Chinese government] came up with a quick, aggressive fiscal and monetary response which has worked. They have replaced exports with domestic demand, both consumption and investment… China has become more important as America [has become] less, which is what the world needs.”

BBC News

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.