China’s wildfire economic growth is displaying no signs of slowing down.The latest figures show it was 9.5 per cent bigger at the end of March than a year ago, despite official attempts to take it off the boil. Zheng Jingping, a spokesman for the National Bureau of Statistics, said investment in fixed assets, such as luxury apartment blocks, is still too large. He added China needed to think about ways of constraining the building trade. The rapid growth has been accompanied by a surge in exports – up 35 per cent from a year earlier. Global manufacturers are expanding in China to take advantage of wages that are about one 25th of those in the United States and a third of Malaysia’s. Investment in the world’s seventh-largest economy is also bolstering demand for raw materials. The continued rate of expansion could mean a rise in interest rates, which the People’s Bank of China put up in October for the first time in nine years. The US Treasury Secretary has renewed calls for an end to the Chinese currency’s peg to the dollar, claiming it gives their exporters an unfair advantage.
China's economy grows at breakneck speed