In China it was 9.5 per cent; investment rose by 26 per cent in nominal terms; signs of overheating have emerged on the price front. Despite the substantial increase in imports, the trade surplus widened from $ billion in 2003 to $ billion last year. The authorities are still endeavouring to bring the rate of expansion in economic activity back to a sustainable path.
Major Canadian banks were then asked to estimate the losses they might incur under such a scenario, and their results were assessed by the central bank, the Office of the Superintendent of Financial Institutions (OSFI), and the IMF against results obtained from their own less complex models.