October 19, 2003	Sunday	Sha'aban 22, 1424

BEIJING: China, the world’s fastest growing economy, is on course to become the fourth largest economy on the planet in two years or so, according to figures released on Friday that show national output is moving forward so fast that the country is in danger of overheating.

With fears of Sars receding, the economy surged 9.1 per cent in the July-September period as domestic firms ramped up investment and foreign manufacturers such as Ford and Sony once again poured money into a country that has become the workshop of the world.

According to government officials, the amount of economic activity in China soared to RMB7.9 trillion in the first nine months of the year, putting China on course to achieve a growth rate of 8.5 per cent for 2003 — the fastest in more than five years.

If the country can maintain this pace it will overtake Britain and France to become the world’s fourth biggest economy well before the end of 2005.

Business leaders are already hailing China as the powerhouse for growth in Asia — a role once held by Japan. With neighbouring nations increasing sales of raw materials to factories in China, imports jumped by 40.5 per cent in the first nine months of the year.—Dawn/The Guardian News Service.