Early July 2010 and the International Monetary Fund (IMF) raised its forecast for global growth this calendar year, up from an expected 4.2% to 4.6%. At the forefront of this is China, suggested to grow at a rate of 10.5% in 2010.
According to the IMF, a robust Asia market is driving global economic growth, with the North Pacific Rim economies of South Korea and Taiwan experiencing increased growth forecasts. At the heart of it all though, is China. After the anticipated 10.5% growth this year, the IMF predicts a further 9.6% expansion in 2011.
And China is very much at the forefront of the industrial gases business right now too, with the backdrop of economic evolution intrinsically linked to a spike in the Chinese gases business.
This was a point alluded to in last month’s gasworld interview of the month with Jinhong Gas, now one of the largest local gas companies in the East China region. Jinhong Gas has enjoyed a rapid rise to prominence since its formation in 1999 and sees the ongoing development in China as key to its next chapter of growth.
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