China, this year for the first time, has dislodged the United States from its long reign as the main engine of global economic growth, with its more than 11 percent growth eclipsing sputtering U.S. growth of about 2 percent, according to the International Monetary Fund's 2007 projections released yesterday.
China's growth, which has been fueled by booming domestic building and commercial development, as well as soaring exports, has accelerated even as U.S. growth dropped to 0.7 percent in the first quarter under the weight of a profound housing recession. China is expected to drive a hearty 5.2 percent expansion of the global economy this year, the IMF said.
The United States, with one-quarter of the world's economy and the richest consumer markets in the world, has dominated global growth for decades. But China's emergence has been foreshadowed for years by its pull on world commodity markets, where it has driven up the price of raw materials to record levels, from oil to copper, in its race to build and export goods around the world.
"This year for the very first time — with its very strong growth expected, and with the growth slowdown in the United States — China will be contributing the largest part to the increase in the global growth measured at market exchange rates," said Charles Collyns, the IMF's deputy director of research.
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