24-01-2008
China's growth hits new high
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
China's economic performance has reached a level of growth not seen for 13 years, it has emerged.
Over the course of the last 12 months, the country's economy has grown at a rate of 11.4 per cent, aided by a construction sector boom and improving export levels.
"In 2007, there was much leapfrogging in league tables, with America often a loser to China. China's exports exceeded America's for the first time last year. Yet more table-topping is expected in 2008," said the Economist.
However, despite the growth, there are concerns among China's officials that the economy could overheat.
The head of the National Statistics Bureau Xie Fuzhan has confirmed that the current financial problems in the US are being monitored.
Mr Fuzhan also noted that, over the last five years, China's levels of economic growth have averaged at a rate of 10.6 per cent.
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