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China: Yuan Hits High Against Greenback; Apple (NASDAQ:AAPL) Maps Better Than Google (NASDAQ:GOOG) in the Mainland


Meanwhile, foreign banks reported strong profits in China for 2011.

Here is the rest of this week's business news:

Chinese Economy: The world's second-largest economy will grow 7.8% this year, according to Fitch, who previously forecast in June that Chinese growth in 2012 would come in at 8%.

"The slowdown in China's economy to 7.6% in (the second quarter of 2012) from 9.3% in 2011 has refocused attention on the possibility of a hard landing – a non-technical expression for a much sharper growth slowdown," said Fitch in a report, according to CNBC.

"Fitch does not expect such an outcome. Rather the most likely triggers for such a scenario would come from a much deeper downturn in either the labor or property market than currently expected."

Meanwhile, Goldman Sachs expects China's growth to slow down to an average of 7% in the next decade. "China is in the early stages of going from a long period where it was all about the quantity of growth, into an era where the focus is on the quality of growth," Jim O'Neill, Chairman of Goldman Sachs Asset Management, said at a news conference, reports Reuters.

Although O'Neill said that the world has to get used to having China's "drug of 10% growth," he also pointed out that the Chinese stock market still has the most room to grow among BRIC countries. As the Chinese economy matures, O'Neill sees consumer-related and health care companies thriving.
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