We might be busy picking the horse meat out of our burgers here in the UK but over in China their celebrating as the nation finally sees signs of a pickup in economic growth.
For the past two years the Chinese economy, the second largest in the world, has been stuck in a groove of deceleration, but it’s finally bucked the trend.
According to the Beijing Bureau of Statistics the nation’s fourth quarter gross domestic product was up 7.9 per cent on the previous year.
Economists forecast a rise of 7.9 per cent.
A chief economist with JPMorgan Chase & Co commented that China’s recovery is in ‘quite good shape’. He also asserted that although pro-growth policies from within the nation could well tail off over the course of the year demand from abroad could pick up and offset it.
Industrial output for last month also exceeded expectations, rising by 10.3 per cent.
The Chinese property market is also performing ‘surprisingly’ strongly, whilst the outlooks for the US and Eurozone (two of the biggest drags on global economic recovery) are improving.
China might not be out of the woods yet, but it may have found the trail of breadcrumbs to follow.
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