Japan's economy grew by 4.6% last quarter on an annualized basis, beating expectations and helping the nation keep the mantle as the world's second-largest economy. China's economy is widely expected to overtake Japan sometime this year.
Sunday is widely dubbed Double Happiness day in the Chinese world -- a rare occasion when the New Year festival, launching the Year of the Tiger, coincides with Valentine's Day.
The free trade agreement between Peru and China will become effective next March first, following the green light from Beijing’s all powerful Council of State, said the Peruvian Foreign Trade and Tourism ministry in an official release.
Germany's recovery from recession faltered in the final quarter of 2009, according to preliminary figures released on Friday. The German economy failed to grow at all in the last three months of the year, with GDP unchanged compared with the previous quarter.
China has ordered banks to increase their reserves for a second time this year, as lending is curbed in a bid to stop the country's economy overheating. Analysts had expected the central bank to increase reserve levels again, but were surprised it ordered a second increase so soon after January's move.
The Spanish economy shrank by 0.1% in the last three months of 2009, making it the last major economy still in recession. INE, the national statistics agency, also said the country's GDP had contracted by 3.1% compared with the same period a year before.
Portugal, another of the “sick” countries of the EU (and member of PIGS: Portugal, Ireland, Greece, Spain), said it will not abandon the Euro.
European Union leaders meeting in Brussels agreed on Thursday to assist Greece with its debt problems, though EU President Herman Van Rompuy offered no details as to what that will entail.
The European Union (EU) first full-time President Herman Van Rompuy will chair an informal summit on Thursday to draw an economic blueprint for the bloc for 2020. The meeting is also devoted to addressing some immediate challenges, such as record high unemployment and the possible-default crisis in Greece potentially extending to other members.
China's exports and imports grew substantially in January year on year. This suggested that global demand for Chinese made goods is continuing and Chinese consumers are spending too: imports soared 86%, according to Beijing figures.