China's economy grows with 8.9 percent

It seems the global economic crisis has hit every corner of the world, except for China: the statistics bureau said in Beijing has said that the Chinese economy has grown with almost 9 percent in the third quarter of 2009 from a year earlier.

One of the drivers of the economic growth over the past quarter has been surging auto mobiles, which helped industrial production to rise 13.9% in September from a year earlier. According to the Economic Times, Germany-based Volkswagen, the biggest overseas car maker in China, sold a record 150,000 vehicles in the nation in September. Urban fixed-asset investment climbed as well, with 33.3% in the first nine months from a year earlier. This i a result of a $586 billion stimulus plan, which spurred the construction of roads and power plants. In addition, retail sales gained 15.5% in September. China therefore expects that it will meet its economic growth target of percent for this year, as for the first nine months of 2009 the economy grew an average 7.7%.