GDP Growth Reaches Fastest Pace in 12 Years
Source: Globecot Date: 2007-07-24
China's GDP grew 11.9 percent in the second quarter of 2007, which was much faster growth than expected and was the strongest performance in 12 years. Industrial production in June increased 19.4 percent, which followed 18.1 percent growth in May -- this also exceeded expectations. China's foreign exchange reserves were at 1.3 trillion U.S. dollars at the end of June, representing a year-on-year gain of 17.1 percent. This release of China's GDP growth sent the yuan soaring to a new high of 7.5633 per U.S. dollar.
