Source: China Business Review
Date: June 11, 2008

The World Bank has announced that China is now the world’s second largest economy, only surpassed by Japan in purchasing power. The Chinese economy grew 10.6 percent during the first quarter of 2008, slightly more than the first three months of 2007. Experts blame the severe winter storms and the troubled American economy for the slowdown. China’s imports rose more than 28% during the first quarter with a corresponding 11% decrease in the trade surplus. The value of exports grew more than 21% and the domestic gross.

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