China's economy is on track to hit the government's growth target of 8 per cent this year following increased government spending and a surge in bank lending in the second quarter.
The economy expanded at an annual rate of 7.9 per cent in the three months to the end of June, the National Bureau of Statistics announced yesterday, with investment, industrial production and retail sales all contributing to higher output.
China's accelerating growth has already lifted prices of commodities such as iron ore and copper and boosted economic output of raw materials exporters such as Australia and Brazil.
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