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China’s Economy Expanded 6.9% in 2015
China reports its gross domestic product grew 6.9% last year, including an annualized 6.8% in the fourth quarter.
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China reports its gross domestic product grew 6.9% last year, including an annualized 6.8% in the fourth quarter. Both figures were expected.
The country’s reported full-year economic expansion compares with 7.3% in 2014. It was close to Beijing’s target of 7% but represented the slowest growth rate since 1990. Reuters notes many analysts suspect China’s actual growth was weaker than the official data indicate.
China’s economy now contributes about one-third of global economic growth, according to the International Monetary Fund. But the country’s anticipated slower expansion last year was a major reason why the IMF lowered its 2015 forecast for the global economy to 3.1%.
Economists polled by Reuters predict China’s GDP will expand 6.5% in 2016, regardless of such expected stimuli as lower interest rates and higher government spending. They say the more modest growth rate appears likely to settle into a sustainable mid-single-digit pace without the hard landing many investors fear.
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