Tuesday, October 18, 2011

China's GDP Crosses $5 trillion

China's GDP touched 32.07 trillion yuan or $5.01 trillion in the first nine months of fiscal 2012, up 9.4% year-on-year. The economy expanded by 2.3% in July-September on a quarterly basis.

There have been concerns that the debt crisis in Europe may hurt growth in the region and dent consumer demand.That is likely to have a big impact on China's export sector, as the EU is the world's biggest purchaser of Chinese goods, with the market worth about $380 billion in 2010. In view of the economic crisis in US and EU, analysts predict a continued drop in China's exports in coming months.

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