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China’s economy slows but data hints at rebound

Published: 
Friday, October 19, 2012

 

China’s economy has slowed for a seventh quarter as problems in Europe and the US hurt demand for its goods. The annual rate of growth was 7.4 per cent in the third quarter, down from 7.6 per cent in the previous three months. However, there were signs that the world’s second-biggest economy was now stabilising and rebounding.
 
That would be good news for China, which is facing a leadership change, and the rest of the world, which has benefited from its recent boom. In Hong Kong, the main Hang Seng stock index rose 0.7 per cent on the news, while in Shanghai, shares climbed by 1.2 per cent.
 
China’s growth over the past few years has been led by the success of its export and manufacturing sector, as well as by a credit-fuelled investment boom directed by the government. China’s exporting prowess is well known. But it’s also a major importer and that means the ripples from China’s economic performance spread far beyond the country’s shores. World Trade Organisation data show that for goods imports, it ranks second (third if you treat the EU as a single unit) and third (however, you regard the EU) for commercial services. (BBC)
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