Tuesday, October 21, 2008

Crisis chills China Economy - but less than the ice age sweeping the States

Growth for the first nine months of the year was 9.9 percent, compared to 11.9 percent for all of 2007. Economists have cut China's forecasts for 2008 to as low as 9 percent.

NVDL: 9% is still well into positive territory, which is more than can be said for the USA which may well not even manage a measly 1%.
clipped from news.yahoo.com
Two workers cycle through piles of steel materials at a port in Yingkou,

SHANGHAI, China – The laid-off factory workers and slumping car sales indicated China's booming economy had no immunity from the global meltdown. New figures confirm it: China's economy is still growing, but at the slowest pace in five years.

The National Statistics Bureau said Monday that China's economy expanded by just 9 percent in the third quarter. That marks the slowest rate since the second quarter of 2003, when the outbreak of Severe Acute Respiratory Syndrome, or SARS, cooled growth to 6.7 percent.

In comparison, China realized 10.6 percent growth in the first quarter and 10.1 percent in the second quarter.

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