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China's Q4 Economic Growth Slows

Economy grew by 9% in 2008, down sharply from 13% in 2007

By Jim O'Neill,  Newser User

Posted Jan 22, 2009 9:00 AM CST
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(Newser) – China’s economy expanded at 9% in 2008, in a drastic slowdown marking the first time China has seen single digit growth since 2002, reports the Wall Street Journal. A soft export market and its own housing collapse slowed fourth-quarter growth to just 6.8%, threatening the government’s baseline goal of 8% annual growth—a mark many say is unrealistic for 2009.

China remains the fastest-growing economy among major players, and follows only the US and Japan in size. In 2007, it recorded its best year in more than a decade, growing 13%. But the world financial crisis has pummeled China's vital exports sector, and soft demand has resulted in millions of workers losing their jobs.

Workers make dumplings in Shanghai, China. China's economic slump worsened in the final quarter of 2008.
Workers make dumplings in Shanghai, China. China's economic slump worsened in the final quarter of 2008.   (AP Photo/Eugene Hoshiko)
A customer looks at shoes at a store in Shanghai, China. China's slump worsened in the final quarter of 2008 as the impact of the global crisis spread, heightening fears of job losses and unrest.
A customer looks at shoes at a store in Shanghai, China. China's slump worsened in the final quarter of 2008 as the impact of the global crisis spread, heightening fears of job losses and unrest.   (AP Photo/Eugene Hoshiko)
An investor reacts as he looks at the stock price monitor at a private securities company in Shanghai, China. Chinese Premier Wen Jiabao is calling for quick action to reverse an economic slump.
An investor reacts as he looks at the stock price monitor at a private securities company in Shanghai, China. Chinese Premier Wen Jiabao is calling for quick action to reverse an economic slump.   (AP Photo/Eugene Hoshiko, File)
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