2009: WAS IT A VERY GOOD YEAR FOR THE ECONOMY?
ChinaRealTimeReport, February 3, 2009
More like a very strange one. New figures from the National Bureau of Statistics detail just how unusual the composition of China’s world-beating economic growth was last year.
Hit by the collapse in global demand and world trade, China’s exports fell outright in 2009 for the first time in more than two decades. As a result, the NBS says, net exports subtracted 3.9 percentage points from overall economic growth – the first time since 1993 that trade has been a drag on growth.
Given that the final GDP growth rate was 8.7%, that means the domestic part of the economy expanded 12.6% — the fastest growth in consumption and investment since, again, 1993. (China’s economy was smaller and much more volatile then, and the statistics are considered less reliable than for more recent years.)
That figure that goes some way to explaining why so many people are now worried about overheating in China: the domestic growth rate is well above the average in recent years of around 9%. It of course reflects the enormous stimulus effort the government unleashed to help counter the contraction in the export sector.
That surge in bank lending and public-works spending boosted investment to a nearly unprecedented degree: the NBS says capital formation contributed 92.3% of China’s economic growth in 2009, or 8 percentage points of the 8.7% overall growth rate. Final consumption contributed 4.6 percentage points.
ChinaRealTimeReport, February 3, 2009
More like a very strange one. New figures from the National Bureau of Statistics detail just how unusual the composition of China’s world-beating economic growth was last year.
Hit by the collapse in global demand and world trade, China’s exports fell outright in 2009 for the first time in more than two decades. As a result, the NBS says, net exports subtracted 3.9 percentage points from overall economic growth – the first time since 1993 that trade has been a drag on growth.
Given that the final GDP growth rate was 8.7%, that means the domestic part of the economy expanded 12.6% — the fastest growth in consumption and investment since, again, 1993. (China’s economy was smaller and much more volatile then, and the statistics are considered less reliable than for more recent years.)
That figure that goes some way to explaining why so many people are now worried about overheating in China: the domestic growth rate is well above the average in recent years of around 9%. It of course reflects the enormous stimulus effort the government unleashed to help counter the contraction in the export sector.
That surge in bank lending and public-works spending boosted investment to a nearly unprecedented degree: the NBS says capital formation contributed 92.3% of China’s economic growth in 2009, or 8 percentage points of the 8.7% overall growth rate. Final consumption contributed 4.6 percentage points.
(...) [artículo aquí]
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