For the first time in modern history, China will next year contribute more to global economic growth than the United States.
The landmark moment was predicted yesterday by the International Monetary Fund and is the latest illustration of the fast-growing Asian country's importance to the world economy.
While China's economy is still far smaller than America's, it has overtaken the UK as the world's fourth biggest economy. With the IMF projecting 10pc growth this year, the country will pump more new money into the global system next year than the US, which is expected to grow by just 1.9pc....MOREAlso from the Telegraph:
EU attacks China's trade empire
The European Union launched a concerted attack on China's expanding trade empire yesterday, accusing it of building up surpluses through unfair practices.
In a briefing that will significantly ratchet up protectionist tensions, the EU ambassador to China said requests for the issue to be addressed had met with no response.
"Apparently China's trade surplus has no limit and we do not see efficient measures," the ambassador, Serge Abou, said. "These facts are considered with a certain bitterness in our leadership."...MORE