latest world business news

China's economic growth rose in the fourth quarter of 2012, helping the world's most populous nation end the year with a growth rate of 7.8%, according to figures released on January 18, 2013 from the National Bureau of Statistics. Last quarter, China's economy grew at a pace of 7.9%, slightly better than analyst expectations and breaking a pattern of seven straight quarters of decline.  China's growth rate had been steadily falling since the fourth quarter of 2010, when economic output grew 9.8%. The slowing growth rate bottomed out in the third quarter of 2012, when China's economy only grew at 7.4%.  Last March, Chinese Premier Wen Jiabao lowered the country's 2012 growth target from 8% to 7.5%. While such growth would be the envy of most nations, China's economy has grown at an average rate of about 10% each year for the past 30 years. This has helped propel China to become the world's second largest economy, just behind that of t...

Prices in China continued to rise at a steady pace in September, a sign that the world's largest nation still faces significant inflation pressures even amid signs of a slowing global economy.  Overall prices were up 6.1% from a year ago, little improved from the 6.2% rise in August. The reading matched the consensus forecast, according to Jay Bryson, international economist at Wells Fargo Securities. Food prices continued to lead the way, increasing 13.4%, the same as the previous month, and adding 4.1 percentage points to the overall increase. "Food price increases seems to be, at a minimum, stabilizing, maybe even beginning to recede for some products," Bryson said.  Food prices were increasing at a 14.8% annual rate as recently as July. The Chinese government has been taking steps to try to curb inflation. The People's Bank of China has raised it key interest rates five times since October. And it has also allowed the Chinese currency, the yuan, to ...