China: GDP economic growth slowest in 25 years



    China: GDP economic growth slowest in 25 years

    Jan 19, Beijing: The GDP figures released on Tuesday showed that China's economy grew by 6.9 percent in 2015, compared with 7.3 percent a year earlier, making the lowest level of growth in 25 years.

    China's growth, seen as a driver of the global economy, is a major concern for investors around the world.

    Beijing had set an official growth target of "about 7 percent" for the world's second-largest economy, media reports said.

    Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services.

    But the unexpectedly sharp decline over the past two years prompted fears of a politically dangerous spike in job losses. Beijing responded by cutting interest rates and taking other steps to shore up growth, Al Jazeera news report said.

    Full-year growth for 2015 was the lowest since sanctions were imposed on Beijing following its crackdown on the Tiananmen Square pro-democracy movement caused growth to plummet to 3.8 percent in 1990.

    Analysts said any growth below 6.8 percent would likely fuel calls for further economic stimulus. Economic growth in the final quarter of 2015 edged down to 6.8 percent, according to the country's national bureau of statistics.

    The Oslo Times

     
     

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