China Growth Tumbles over Global Financial Crisis

World | April 16, 2009, Thursday // 10:03
China Growth Tumbles over Global Financial Crisis: China Growth Tumbles over Global Financial Crisis Photo by iconocritic.com

Annual growth in China's GDP slowed in the first quarter of 2009 to 6,1%, the Chinese National Bureau of Statistics has announced.

This is the weakest growth since quarterly records began in 1992, but some analysts see signs of a recovery, the BBC reported Thursday.

Growth was 6,8% in the last quarter of 2008, but the first quarter GDP figure dropped as exports fell 17% in March.

China's government has said it is determined to achieve annual growth of 8%, and to expand its domestic demand.

There has been a recognition among Chinese state officials that too sharp an economic slowdown could lead to growing unemployment and may fuel social unrest.

Announcing the GDP figure, the National Bureau of Statistics (NBS) said that export demand had dropped sharply, cutting into company profits, reducing government revenues and raising unemployment.

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Tags: China, GDP, growth

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