China’s economy grew at its slowest pace for 25 years in the fourth quarter of 2015, indicating that the country is going through major economic difficulties that could impact on the global economy.
Growth fell from 6.9 percent to 6.8 percent in the last quarter of the year, down from 7.3 percent a year earlier. Beijing’s official target for the year was around 7 percent. The figure was released by China’s National Bureau of Statistics, which some suspect may have slightly inflated the figure.
Over the last few weeks China has caused shockwaves throughout the global economy, with two further devaluations of the yuan and subsequent suspensions of trading on their market.
This is the latest in a string of bad economic news from the country; others including weak exports, high debt and slowing factory figures have all ignited concern from investors. Chinese Premier Li Keqiang has said weaker growth would be acceptable as long as enough new jobs were created, however, growth continues to decline further stimulus measures will be introduced.
19/01/2016
