G-20 summit: 6 countries in recovery

China weathered its downturn better than any other G-20 nation, and the country appears to be picking up where it left off before the global recession started.

China's GDP bounced off of 10-year lows to rebound nicely in the second quarter. The economy was aided by a $586 billion stimulus package, ramped-up bank lending and government support for exports.

According to a recent report from the Asian Development Bank, China's state-controlled banking system lent $1.2 trillion more to Chinese businesses and consumers in the first seven months of 2009 than during the same period a year ago. As a result, factory output and construction has soared and auto sales grew 82% last month.

Tax breaks to exporters helped China's exports from falling off a cliff like in other countries. Outgoing goods dropped just 14.2% through July, according to ADB, compared to a 32.6% decline for the rest of the world.

The downturn knocked China's booming GDP down to an annualized growth rate of 6.1% in the first quarter, but the government recently said it believes it can grow 8% for the year and remain the world's fastest-growing economy.

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