You could read the new GDP data from China as very negative or surprisingly positive.
China’s growth has held up well so far in 2008 (take a look at the Bank's Quarterly Update for more details). Growth rate for the first half was slightly over 10%. Recently there has been concern about the slowdown in the growth of exports: from 28% year-on-year increase in May to 18% in June. But monthly figures are erratic, and I am more impressed that the growth of exports
The World Bank released the China Quarterly Update —of which I’m the lead author, full disclosure here-- today at a press launch in our Beijing office. The economic journalists noticed that the Bank’s projection for GDP growth in 2008 is now 9.8 percent, more than 2 percentage points lower than the outcome in 2007.
The year 2007 was an important milestone in modern economic history. While the U.S. grew well, China contributed more to global GDP growth than the U.S. did. That pattern is likely to continue for the foreseeable future. Roughly speaking, the U.S. economy is about four times the size of China’s. If the U.S.