China's economic growth hits 25-year low

BEIJING -- China's economic growth edged down to 6.8 per cent in the final quarter of 2015 as trade and consumer spending weakened, dragging full-year growth to its lowest level in 25 years.

See Full Article

Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services. But the unexpectedly sharp decline over the past two years prompted fears of a politically dangerous spike in job losses. Beijing responded by cutting interest rates and taking other steps to shore up growth.

Full-year growth declined to 6.9 per cent, the lowest level since sanctions imposed on Beijing following its crackdown on the Tiananmen Square pro-democracy movement caused growth to plummet to 3.8 per cent in 1990.

The October-December growth figure was the lowest quarterly expansion since the aftermath of the global financial crisis, when growth slumped to 6.1 per cent in the first quarter of 2009. Growth in the July-September quarter of 2009 was 6.9 per cent.

Investment in factories, housing and other fixed assets, a key economic driver, weakened to 12 per cent in 2015, down 2.9 percentage points from the previous year. Retail sales growth cooled to 10.6 per cent from 2014's 12 per cent.

"The international situation remains complex," said Wang Bao'an, commissioner of the National Bureau of Statistics, as a news conference. "Restructuring and upgrading is in an uphill stage. Comprehensively deepening reform is a daunting task."



Advertisements

Latest Economic News

  • BlackBerry launches new security platform to help companies manage connectivity

    Economic CTV News
    WATERLOO, Ont. - BlackBerry revealed its latest security offering on Thursday intended to help companies reliably manage their current and future connectivity needs. The company's new platform, BlackBerry Secure, is designed to help businesses keep tabs on all their devices to transmit sensitive data to keep people, information and goods safe. Source
  • NHL won't change name of Vegas Golden Knights despite trademark denial

    Economic CBC News
    The National Hockey League says it won't change the name or logo of its newest club, despite being denied a trademark by U.S. authorities. Just a couple of weeks after the Vegas Golden Knights revealed their name, logo and team colours, the U.S. Source
  • Coke sets sights on new demographic: foodies

    Economic CTV News
    NEW YORK -- What beverage goes best with lobster rolls, a bagel sandwich stuffed with whitefish, or a bowl of ramen? Coke wants you to think of soda. Coca-Cola is trying to sell more of its flagship beverage by suggesting the cola can accompany a wide range of meals, rather than just the fast food and pizza with which it's a mainstay. Source
  • Overhead bin fees? Yes, with United's new 'basic' fare

    Economic CTV News
    United Airlines is creating some turbulence in the airline industry with changes to its fare structure, including a new “basic economy” fare. The cheap ticket comes with a catch, however: If you want to use the overhead bin, you must pay an extra charge. Source
  • SNC-Lavalin cutting 405 jobs in Canada mainly due to mining weakness

    Economic CBC News
    Engineering giant SNC-Lavalin is cutting another 405 jobs in Canada due to the weakness in the mining sector and ongoing efforts to boost its profit margin. Spokesman Louis-Antoine Paquin says the company will eliminate 186 positions in Montreal, 195 in Ontario and 24 in Saskatoon, says spokesman Louis-Antoine Paquin. Source
  • Public sector workers paid 10.6% more than private sector average: Fraser Institute

    Economic CBC News
    Almost 90 per cent of public sector workers have some sort of pension plan. By constrast, less than a quarter of private sector workers do. (Chris Wattie/Reuters) People who work in the public sector make almost 11 per cent more than their counterparts in the private sector, a new analysis of Statistics Canada data by the Fraser Institute think tank has found. Source
  • Toronto, Hamilton, K-W expected to lead country in 2017 house price gains: Re/Max

    Economic CBC News
    Re/Max sees the average national house price rising by two per cent in 2017, led by big projected gains in real estate prices in the Hamilton, the Greater Toronto Area and Kitchener-Waterloo. In its 2017 housing market outlook, which was released Thursday, Re/Max said it sees house price appreciation in Hamilton leading the country with an 11 per cent gain in average residential home sale prices, followed by eight per cent gains expected for both the GTA and K-W. Source
  • Number of new home construction projects dips in November: CMHC

    Economic CTV News
    OTTAWA - The federal housing agency says the number of new home construction projects dipped slightly last month. Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts in all areas of the country fell to 183,989 units in November, down four per cent from 192,297 units in October. Source
  • Strikes, anti-austerity rallies held across Greece

    Economic CTV News
    ATHENS, Greece -- A nationwide strike in Greece against spending cuts disrupted public transport, state-run schools, ferries and national rail services Thursday, and left public hospitals running with emergency staff. More than 7,000 demonstrators marched in three separate demonstrations in the capital to protest against cost cuts the government is taking to satisfy its bailout creditors. Source
  • Egyptian president says his economic reforms are no 'picnic'

    Economic CTV News
    CAIRO -- The Egyptian president defended on Thursday the tough economic measures undertaken by his government, saying there was no other alternative in the face of the country's deteriorating economy. "Structural reforms" are an imperative for Egypt, Abdel-Fattah el-Sissi said, adding that the newly implemented measures are no "picnic. Source