Central Bank: China to lead global economic growth for next few years.

By bne IntelliNews December 21, 2009
According to news agency Reuters , People's Bank of China (PBOC) Vice Governor Zhu Min stated last Friday that China would contribute more than half of the global GDP growth in 2009 and would continue to lead the world economic growth in the next few years. Min said that it would be the first time in 50 years in which a developing country would lead global economic growth. However, Min said that China's manufacturing industry would face strong pressures since developed countries were making efforts to recover their standing in advanced manufacturing and at the same time, low-end manufacturing was expanding rapidly in developing countries. China's economy expanded by 7.5% y/y in the first nine months of this year and is expected to expand by over 8% during the whole year.

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