China to be first major economy to recover
China will be the first major country to rebound from the global economic downturn because the world's most populous country has not suffered a banking crisis and has invested in important infrastructure projects to stimulate the economy, a conference in Dublin has heard. China's economy hit bottom in the last quarter of last year and is now growing at between 7% and 8% a year, Prof Nicholas Lardy said on the opening day of a two-day conference on China at O'Reilly Hall at University College, Dublin (UCD) yesterday.
China's financial regulator prevented most domestic banks from buying the sort of toxic assets that have damaged the balance sheets of their Western counterparts while the government reacted swiftly to introduce a fiscal stimulus to bolster the economy and improve China's poor power grid and motorway system.
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