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Tortola Capital Reports: China on Track to Become World’s Second Largest Economy
The Chinese economy grew with double digit figures in the fourth quarter and a jump of 10.7% year-on-year, said a Tortola Capital senior analyst.
Speculation in the stock and property markets, bolstered by 2009’s low-interest loans and stimulus package, is a major concern. Despite the fourth quarter GDP figure was slightly below the expectations of analysts at Tortola Capital, it was the fastest for two years and a big increase on the previous quarter's growth rate of 9.1%. It took 2009's growth to 8.7%, blasting past China’s growth target of 8%, the level some believe essential to create enough jobs to match growth in the labor force. Some international analysts questioned whether it was possible to reach this level after the first quarter rate – 6.1% - was reported. Others countered that Beijing would ensure that it was met.
China's total gross domestic output was 33.5 trillion yuan (£3tn) in 2009. Analysts at Tortola Capital believe it is likely to leapfrog Japan this year to become the world's second largest economy. It is, however, still far behind in terms of consumption. "China has become the first, on the whole, to achieve recovery and stabilization in its economy," Ma Jiantang, commissioner of the National Bureau of Statistics, told a press conference in Beijing.
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