China economy to exceed Germany’s

  • China’s economy grows 11.5 percent in third quarter
  • Economy on track to overtake Germany as world’s third largest
  • Growth for the first nine months of the year also came in at 11.5 percent
  • Numbers beat analysts’ forecasts amid boom in exports

BEIJING, China (APP) — China’s supercharged economy grew by a stunning 11.5 percent in the third quarter, surging ahead despite official efforts to cool the boom and putting it on track to overtake Germany as the world’s third-largest within weeks, according to data reported Thursday.

Growth exceeded forecasts, but was below the 11.9 percent rate reported in the previous quarter.

It was driven by a double-digit surge in exports and investment in factories and other fixed assets despite repeated interest rate hikes.

Growth for the first nine months of the year was 11.5 percent, the same rate recorded for the first half of the year, the National Bureau of Statistics reported.

But a spokesman said the government has succeeded in keeping the rapid expansion under control.

“Due to macro-economic controls, we have turned the economy from being an overheating one to being one of speedy growth,” bureau spokesman Li Xiaochao said.

The communist government wants to maintain fast growth to ease poverty but worries that a runaway expansion or overspending on real estate and other assets could ignite a financial crisis.

Beijing has raised interest rates five times this year to tamp down investment, and economists expect another hike later in the year.

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China launched its first lunar probe

BEIJING – China launched its first lunar probe Wednesday, the first step in an ambitious 10-year plan to send a rover to the moon and return it to earth.

State television showed pictures of the Chang’e 1 orbiter taking off with a trail of smoke from the Xichang Satellite Launch Center in Sichuan province in southwestern China.

The launch comes just weeks after China’s regional rival Japan put a probe into orbit around the moon in a big leap forward for Asia’s undeclared space race. India is likely to join the regional rivalry soon, with plans to send its own lunar probe into space in April.

The Long March 3A rocket carrying the probe blasted off shortly after 6 p.m. (1000 GMT) after officials from the China National Space Administration said weather conditions were good for a lift off.

Several thousand people living within 1.5 miles of the launch center and under the rocket’s trajectory were evacuated two hours before the launch, the official Xinhua News Agency said.

More than 2,000 tourists were also on hand to watch the rocket soar into space after paying 800 yuan (around $106).

 

 

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