Bloomberg reports that China’s growth is probably the slowest it’s been in 10 years. Things, it seems, can only go up from here:
China is battling the worst global recession since World War II with a 4 trillion yuan ($585 billion) stimulus plan that spurred the first increase in manufacturing in six months and a surge in bank lending. The benchmark Shanghai Composite Index yesterday rose to an eight-month high after Premier Wen Jiabao said the economy showed better-than-expected growth, citing rising investment in fixed assets and consumer demand.
“Recovery is a high certainty now,” said Tao Dong, chief Asia economist at Credit Suisse AG in Hong Kong. “Infrastructure investment remains at full speed, bank lending reaccelerated in March and property transaction volumes have surged across the country.”
