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China looks set to avoid hard landing

China looks set to avoid hard landing
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China’s economy grew faster than expected between April and June.

The latest official figures have eased fears that the world’s fastest-growing major economy was heading for a hard landing on Beijing’s efforts to fight persistently high inflation.

The Chinese government has raised interest rates and clamped down on bank lending to fight inflation, which hit a three-year high in June.

Gross domestic product rose 9.5 percent in the second-quarter compared with the same period last year helped by solid domestic consumption and investment.

Government officials were pleased – Sheng Laiyun of China’s statistics bureau said: “If you look at the recent situation and prospects for the near future, there’s still a strong driving force behind China’s economy. The possibility of the economy dropping sharply is very low.”

He added: “China has done a great job to maintain fast economic growth when the global situation is complex and volatile.”

Europe’s sovereign debt troubles and a slowdown in the US economy have hit export orders but the latest figures suggested domestic demand remains robust.

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