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Submitted by ctv_en_3 on Fri, 01/23/2009 - 10:14
China's economic growth slowed to 9 percent last year, its lowest rate of growth for seven years.

The world's third-largest economy was hit hard by the global financial crisis that led to a fall in orders for Chinese exports. But the official who announced the figures said the economy had still done relatively well in trying times.

At first glance, China's figures appear to show that its economy is still doing very well. Overall growth of 9 percent for the year would leave most governments ecstatic.

But China recorded 13 percent growth in 2007, and figures announced on January 22 show economic growth slowed rapidly towards the end of 2008. Growth in the first quarter of last year was 10.6 percent, but that had slowed to just 6.8 percent in the last three months - after the financial crisis had struck.

There has also been gloomy news from the Republic of Korea, where the economy shrank by 3.4 percent in the last quarter of 2008.

Meanwhile, Japan reported that its exports plummeted 35 percent last month - the sharpest fall on record.

BBC

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