Can China help power the global economy out of a crisis?
After five years of double-digit expansion, the worlds fastest-growing economy has succumbed to the economic chill wind sweeping across the globe. Chinas economy slowed to an annual growth clip of 9 per cent in the third quarter from 10.1 per cent in the previous quarter well below the consensus forecast of 9.7 per cent.
With the credit crisis buffeting global economic growth, Chinas industrial production and construction declined due to weaker export orders, factory closures for the Beijing Olympics and the sagging property market. However, retail sales growth remained
strong, while inflation eased amid falling commodity prices.
Nevertheless, Dominic Barton, Asia Pacific chairman of consultancy firm McKinsey & Company, is very bullish about where China is going to be over the next two to three years.
After five years of double-digit expansion, the worlds fastest-growing economy has succumbed to the economic chill wind sweeping across the globe. Chinas economy slowed to an annual growth clip of 9 per cent in the third quarter from 10.1 per cent in the previous quarter well below the consensus forecast of 9.7 per cent.
With the credit crisis buffeting global economic growth, Chinas industrial production and construction declined due to weaker export orders, factory closures for the Beijing Olympics and the sagging property market. However, retail sales growth remained
strong, while inflation eased amid falling commodity prices.
Nevertheless, Dominic Barton, Asia Pacific chairman of consultancy firm McKinsey & Company, is very bullish about where China is going to be over the next two to three years.
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