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In some interesting news being covered in the local papers here in Australia is that China has almost certainly overtaken Japan to become the world's second-biggest economy. The fast-growing emerging economy had been expected to surpass Japan next year, but the transition looks to have happened already this year (2009), based on China's new growth estimates. The Chinese statistics bureau reported that China grew by 9.6 per cent - rather than 9 per cent - last year, meaning its economic output was 31.405 trillion yuan ($5.21 trillion) last year.
According to the World Bank, Japan's annual output was the equivalent of $5.53 trillion last year, but it is expected to have shrunk by 6.6 per cent this year. Chinese officials project that its economy will grow by more than 8 per cent this year. Statisticians said the bigger-than-expected expansion last year was fueled largely by strong growth from the services sector, something which was only uncovered after a detailed census into economic activity during the year.
Moreover, the World Gold Council (WGC) data reveals that for the first time in 21 years China has been the biggest buyer this year, adding 454 tones to bring its central bank reserves to 1,054 tones.
So what does this mean for us in digital marketing? It means that the future looks as bright as you could expect going into 2010. Lets hope for this growing economy to pass dollars (or RMB) into the marketing agency's coppers.
Source: news.com.au & People Daily
Written on Thursday, 31 December 2009 20:17 by Matt McDougall
