The National Bureau of Statistics of the People’s Republic of China released statistics today showing that the Chinese economy grew by 6.9 percent in 2015, its lowest growth rate in a quarter and the first time the rate has gone below 7 percent in 25 years. That rate also falls below expectations; back in March, Prime Minister Li Keqiang announced that the Chinese Government set a target growth rate of 7 percent for the year.
The growth rates for the previous four quarters are 7.0 percent, 7.0 percent, 6.9 percent, 6.8 percent respectively. Compared with the breakneck growth rates of past years, these figures do not look very bright:
According to The Beijing News, head of the National Bureau of Statistic Wang Baoan maintained that 6.9 percent was not a bad rate, saying “this figure is hard to come by, and it is among the best globally”. Wang also assured that the economy would maintain a steady growth in 2016, telling a press conference “we are confident about that.”
According to South China Morning Post, over half of the business executives and bankers polled at the Asian Financial Forum in Hong Kong this week believed that China’s GDP growth in 2016 would dip below 6.5 percent.
[Images via Forbes, Trading Economics]
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