| China’s Recovery Strengthens With Gains in Production, Sales |
| News - Eurasia |
| Written by Bloomberg News |
| Friday, 11 September 2009 15:18 |
|
Sept. 12 (Bloomberg) -- China’s expansion strengthened in August as industrial production, lending and retail sales exceeded forecasts, reinforcing a global recovery from the deepest recession since World War II.
The Shanghai Composite Index climbed to a three-week high on yesterday’s reports, and yuan forwards posted their best week in more than five months. Premier Wen Jiabao’s $586 billion stimulus plan and a record $1.1 trillion of lending in the first half of this year have countered a 10-month slump in shipments abroad, helping Asia lead the world’s rebound. “The closer you are to China the better off you are,” said Tim Condon, head of Asia research in Singapore at ING Groep NV and a former economist at the World Bank. |