CHINA’s economy expanded 11.4% in 2007, the fifth consecutive year that economic growth is at or above 10%. Given the economic turmoil in the US-led economic block, rising inflationary pressures, and the cumulative impact from the contractionary policies implemented earlier, whither China’s economy in 2008?
China’s economic growth last year was driven by private consumption, investment and exports. Retail sales, which account for about 95% of household consumption, expanded 16.8% in 2007. In comparison, retail sales grew by an average 12.3% from 2003 to 2006.
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