Economic Growth, China's Economic Growth | featured news

The inflation is still high, and the 10% annual growth rate of the last decade is going to wither to under 5% by 2014 or so, according to the Economist. The innovation necessary to boom a consumer economy is questionable. The state banks have probably been loaded with questionable loans.

China had tried to temper expansion and the price rises that accompany excessively rapid growth.

Prime Minister Wen Jiabao said that China could expand social spending and pour money into strategic industries while still meeting its 8 percent economic growth target.

If China keeps up a 8.7 growth rate, it will likely replace Japan as the world’s second-largest economy this year.

China's economic growth picked up last quarter as expected as a combination of breakneck investment and buoyant bank lending more than made up for a slump in exports.