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China on target for 8 percent growth

China on target for 8 percent growth article image
China's economic growth for the first three quarters of the year has reached 7.7 percent, according to figures from their National Statistics Bureau, leaving the Asian giant on track to achieve their eight percent growth target for 2009. In the last 12 months, China has grown 8.9 percent. Stimulus spending to the tune of 4 trillion yuan (approximately A$630 billion) on domestic infrastructure has been responsible for much of the growth, and a rise in investment in fixed assets has also contributed. "Investment played an important and positive role in maintaining relatively fast growth and reversing the slowdown," said Li Xiaochao, a spokesperson for the National Statistics Bureau. He added that an increase in domestic spending comprised a third of overall growth, with retail sales up and China now the world's biggest auto market. Export demand has also posted a slight recovery compared to last year.

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