China Manufacturing Growth Increases to 20-Month High

"China’s manufacturing expanded at the fastest pace in 20 months in December, cementing the recovery in the world’s third-biggest economy. "

"The Purchasing Managers' Index climbed to a seasonally adjusted 56.6... That compares with 55.2 in November and the median 55.4 estimate in a Bloomberg News survey of seven economists. "

"The boost to Chinese manufacturing from subsidies for home- appliance purchases and tax rebates for exporters will continue this year as the government extends policies to counter the financial crisis. China’s growth will accelerate to 8.8 percent in 2010, four times faster than the U.S., as the world economy expands 2.4 percent, the United Nations forecast last month."

"China and Asia are leading the world recovery, helping to boost global confidence, which held near a record high in December."

"China may overtake Japan as the world’s second-biggest economy this year. "

"[Premier Wen Jiabao] also said China will “absolutely not yield” to pressure from foreign countries for currency gains as the nation holds the yuan at about 6.83 per dollar."

Hong Kong-based chairwoman of China equities and commodities at JPMorgan Chase & Co. Jing Ulrich said "We expect China’s strong economic growth momentum to continue in 2010."


In earlier posts, articles have shown how Japan's economy is recovering with predictions for further growth through 2010. Now, China has proved to be on the way to a better economy as well. Already, 2010 is looking up.

Happy New Year~ =]

Wheeeeeee.

-Annie Yang