You may remember us pointing to China’s rebounding manufacturing sector last quarter. Well, the country’s overall economic growth continues to accelerate and drive a global economic rebound.
On Thursday China announced that its gross domestic product in the fourth quarter 2009 grew by 10.7% year-over-year — thats up from a revised growth rate of 9.1% in the third quarter. Given recent manufacturing reports for U.S. manufacturing activities, it is likely the the U.S. economic growth rate also accelerated in Q4.
In fact, for all of 2009 the Chinese economy grew by 8.7 percent. China is now clearly on track to replace Japan as the world’s second largest economy — a feat that could happen by the end of 2010 if the Chinese keep pace with current growth metrics.
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