One of the gravest threats to global growth has receded after the slowing Chinese economy appeared to bottom out in the third quarter.
A slew of new data showed accelerating investment, industrial production and retail sales in September. That prompted Chinese officials and economists to predict an imminent recovery from the weakest growth since the depths of the financial crisis.
Further weakness in China could derail the whole global recovery. Its slowdown has already hit export growth in Japan, Germany and the US at a time when the European economy is in crisis and the US is heading towards a big tightening of fiscal policy.
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