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China's Economy Is Growing |
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Written by Michael Swanson
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Thursday, 29 October 2009 15:21 |
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The fact is, the China economy is growing handsomely and at a pace that still serves to impress even in the current depressed global economic environment. During the years of Chairman Mao, many economists considered China's economy to be a wreck. Liberalization and economic rules over the last decade or so, though, has helped to create a dynamic economic engine that is really impressive.
by MichaelSwanson
The fact is, the China economy is growing handsomely and at a pace that still serves to impress even in the current depressed global economic environment. During the years of Chairman Mao, many economists considered China's economy to be a wreck. Liberalization and economic rules over the last decade or so, though, has helped to create a dynamic economic engine that is really impressive.
Leaders in China maintain that their economy is continuing to grow at quick rates each and every month. For the most part, there's no evidence to disprove their assertions. In terms of economic leadership, China is poised to overtake Japan as the second-largest economy in the world by the end of 2009.
Gross domestic product or GDP in China increased by 7. 1% in the first half of the year. This is quite impressive, given that every other national economy around the world was really hit hard when the economic downturn began to set in. Of the top 10 national economies, China's is the only one to actually show an improvement in 2009.
Chinese economic strength is thought by many financial experts to be the catalyst that will lead the rest of the world out of the economic slump, in fact. It is important that the world leave that slump behind, though, as China depends on the economies of the United States and other countries to be vigorous enough to buy Chinese goods and services.
Both the United States and China understand this, and are working hard together to engage in certain strategic and economic actions and programs that it is hoped will result in the United States emerging from the downturn in short order. This is because Americans buy vast quantities of Chinese goods, and Chinese leadership realizes that it needs US markets in order to continue to thrive.
Most experts would say that the fact of China seeking to be a responsible partner in helping to strengthen the world economy is a positive sign. The China economy also highlights how effective a government economic stimulus can work when executed with precision. Its $586 billion stimulus seems to have done wonders for the Chinese economy.
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