From the New York Times:
The world’s largest economies aim to grow by 3 or 4 percent; 5 percent is impressive; 7 percent remarkable; and 10 percent, usually unthinkable.
But Tuesday, China said that its economy grew 11.3 percent last quarter, the fastest pace of growth in about a dozen years, raising fears of a runaway economy that ends in a hard landing and making the strongest case yet for lifting the value of its currency.
Fueled by soaring exports, robust consumer spending and huge investments in factories, malls, expressways and real estate, China’s economy is growing almost as fast as it did in its peak years of growth, in the early 1990’s, when the economy was much smaller. And that is worrying government bureaucrats, economists and analysts who see inherent risks of inflation and overheating when an economy blows off this much steam.[Full Text]
Also see China’s second-quarter growth data spark concern from MarketWatch
