Word: gdp
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...Europe mired in the worst global recession in 30 years, China has shown a restorative strength that six months ago many doubted it had. A devastating slump in exports crippled growth late last year, but on the back of a $586 billion government stimulus program - about 13% of GDP, spread over two years - China has snapped back. The economy grew 7.9% in the second quarter and will now probably expand 8% or more this year. Evidence of increasing momentum appears almost every day. Factory production has begun to edge up, in part because Chinese consumers continue to spend money...
...China's economy continues to power ahead, it will probably not, on its own, be enough to drag the rest of the world into a recovery. Size matters. The U.S. has a $14 trillion economy; China's is $4.4 trillion. The U.S. accounted for nearly 21% of total global GDP last year; China just 6.4%. Chinese consumption, in other words, is growing - but is still insufficient to lift the world's advanced economies out of recession. Consumer spending drives less than 40% of China's GDP; in the U.S. before the bust, the consumer accounted for almost 70%. With American...
...right with the markets again. But last week's Shanghai surprise is a foretaste of what can happen if China's vaunted economic recovery turns out to be a dud. The country's better-than-expected GDP performance is one reason for the current view that the global economy is poised to resume growth, an optimistic reading that in turn is helping fuel investment rallies around the world. But stock markets anticipate the state of the economy and corporate earnings months in advance, so today's euphoria can turn into ashes if the reality falls short of expectations...
Investors are skittish because China's 7.1% second-quarter GDP expansion was due in part to a burst of bank lending, which was up 31% in May and 34% in June from year-ago levels. To date, cumulative loans outstanding have topped $1.1 trillion, far higher than the government's $735 billion target for the year. Most of the money is aimed at funding infrastructure projects under Beijing's two-year, $585 billion stimulus package. But according to government researchers, about $170 billion in bank loans were channeled into the stock market from January to May, which partly explains...
...funding will be higher than anything the industry has ever known. But other nations, especially in Asia, are still beating us. China is reportedly investing up to $660 billion over the next decade in clean energy and research. South Korea is planning to invest close to 2% of its GDP each year, or about $85 billion over five years, in clean tech. And Japan is aiming for a twentyfold expansion in installed solar by 2020. Meanwhile executives in American clean-energy companies, who visited Capitol Hill on July 28 to lobby for a stronger national renewable-energy standard, worry that...