Global slowdown effect: China no longer on double digit growth

**Beijing:**China’s economy appears to havetaken a hit in the face of global financial crisis and fallingexports, registering a single digit growth rate at 9.2 percent for the first time in three decades, with projections forthe coming year also suggesting a decline.

While the growth rate of 9.2 percent in 2011 was betterthan the government’s target of 8 percent, it was down fromthe 10.4 percent growth in 2010.

[caption id=“attachment_185683” align=“alignleft” width=“380” caption=“Chinese economy had managed to retain its decades of double digit growth till 2010. But it started slowing down since.Reuters”] [/caption]

The fourth quarter of the last year registered 8.9 percent, which is the slowest in the last ten quarters or two-and-a-half years, Ma Jiantang, Chief of China National Bureau ofStatistics (NBS), told the media here today.

Chinese economy had managed to retain its decades ofdouble digit growth till 2010. But it started slowing downsince, growing by 9.1 percent in the third quarter of 2011,compared to 9.5 percent in the second quarter and 9.7 percent in the first quarter.

The expansion of China’s GDP is further expected to comedown to around 8.5 percent in 2012, according to officialprojections.

The financial slowdown and contraction in the West have hitrobust growth rates in the emerging economies as well.India’s economic growth is expected to grow at 7 percent in the current fiscal, down from last year’s 8.5 percent, with Prime Minister Manmohan Singh conceding that thecountry was passing through difficult times.

According to preliminary statistics, China’s GDP reached47.16 trillion yuan (USD 7.26 trillion) in 2011, Ma said.

PTI