Surge in Chinese investment counters export decline
Thursday 11th June 2009, 9:52AM BST.
China’s spending on factories, property and roads surged by more than expected during the last quarter as the government’s stimulus package countered a record drop in exports.
New figures show urban fixed-asset investment, such as residential buildings and roads, rose by 32.9 per cent in the five months to May compared to last year.
However, overseas shipment dropped by 26.4 per cent last month compared to a year earlier.
The Chinese government announced a four trillion yuan (£356 billion) stimulus package last November in a bid to encourage growth in the world’s third-largest economy.
And rising property prices, car sales and record new lending and growth in manufacturing appear to show the stimulus is now having a positive effect.
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