The volume of industrial production in China in January-February this year increased by 35.1 percent, which was the largest increase in annual terms in several decades. Such data are provided by the National Bureau of Statistics of the PRC.
The largest growth was in the equipment manufacturing and high-tech sectors (plus 59.9 and 49.2 percent, respectively). Retail sales also accelerated in two months and soared 33.8 percent. Foreign investment in the Chinese economy jumped 34.2 percent. Exports for two months increased by 50.1 percent, imports – by 14.5 percent.
China may become the first country to weaken stimulus after the crisis, writes The Wall Street Journal. However, Beijing must understand how not to stifle the pace of recovery and ensure the stability of the stock market. The PRC authorities have designated GDP growth at the level of “over six percent” as a goal for the year. The International Monetary Fund (IMF) predicts that the country’s economy will expand by eight percent this year.
By 2035, China’s economy could double and surpass the American one. The world domination of the PRC was predicted by analysts at Bank of America. Doubling GDP would require an average annual growth rate of 4.7 percent over 15 years.