China_s Economy Slows - FT 2009-01-22

China_s Economy Slows - FT 2009-01-22 - FT.com print...

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"FT" and "Financial Times" are trademarks of the Financial Times. Privacy policy | Terms © Copyright The Financial Times Ltd 2009. Close China’s economy slows sharply as crisis bites BEIJING, Jan 22 (Reuters) - China’s economic growth slumped to 6.8 per cent last quarter, dragging down the pace of expansion for all of 2008 to a seven-year low of 9 per cent as the full force of the global financial crisis struck home. Fourth-quarter gross domestic product growth, measured from a year earlier, dropped from the 9 per cent clip of the July-September quarter and undershot market expectations of a 7 per cent reading. The slowdown snapped a five-year streak of double-digit growth that has turned China into the third-largest economy in the world after the US and Japan. ”The international financial crisis is deepening and spreading with continuing negative impacts on the domestic economy,” the National Bureau of Statistics said in a statement on Thursday accompanying the release of the figures. Many economists believe the economy will expand by no more than 5-6 per cent this year, which
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