China’s gross domestic product growth slowed to 6.9 per cent in 2015, official data showed today, the weakest annual rate in a quarter of a century for the world’s second-largest economy, a mounting concern for global investors.
The figure was the slowest in the People’s Republic since the 3.8 percent of 1990, a year after the bloody Tiananmen Square crackdown rocked the country and isolated it internationally.
The performance of China, a major driver of the world economy, is a crucial concern for global investors, and its fourth-quarter growth also slowed to 6.8 per cent, the National Bureau of Statistics (NBS) said, the softest reading since the global financial crisis.
Both figures matched the median forecasts in an AFP survey of 18 economists.
China’s leaders — who had set a target of “about seven percent” for GDP growth in 2015 — are looking to transform the country’s economic model away from the investment and exports of the past to one more oriented towards domestic consumer demand.