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China’s quiet confidence

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China’s premier, Wen Jiabao, has said that 2010 will be a very difficult year for the country’s economy, yet in Q1 its performance was remarkable. China’s gross domestic product (GDP) grew by 11.9 per cent in Q1 2010, outstripping the 8.7 per cent annual GDP growth achieved in 2009 and the 10.7 per cent growth of Q4 2009. The growth for Q1 was the fastest in almost three years. There are indeed areas of concern, most notably the threat of a bubble forming in the property market and potential instability in the banking sector. The data for Q1 should, however, inspire quiet confidence among China’s leaders on the state of the economy, especially as China is expected to contribute a full third to this year’s global growth and is set to overtake Japan as the world’s second-largest economy.

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