China cements status as world growth leader

While commentators debate the likely nature of economic recoveries elsewhere in the world, the rebound in China in 2009 and into the start of 2010 is looking decidedly 'V'-shaped. Having dipped to 6.1% year on year in the first quarter of 2009, China's GDP growth rate had rebounded to 8.9% year on year by the third quarter. Growth for the full year is expected to be close to 8.5%. Purchasing managers' surveys, bank lending figures and property sales all suggest the government stimulus is working. Importantly, government subsidies have been successful in catalysing consumer demand.