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

  • Donald Trump on jobs of the future LIVE

    Economic CBC News
    Rohingya Muslims fleeing Myanmar describe military's violence and killings 2:50 Rohingya Muslims fleeing Myanmar describe how they faced violence and killings by the Burmese military, prompting thousands of them to flee to neighboring Bangladesh. Source
  • Ontario has lost 1,000 planned rental units since new housing rules introduced:report

    Economic CTV News
    TORONTO -- A group representing Ontario's rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring. A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government's Fair Housing Plan has negatively impacted the province's rental housing supply. Source
  • Cenovus sells Suffield for $416M to International Petroleum

    Economic CBC News
    Canada's Cenovus Energy Inc has reached an agreement to sell its Suffield oil and gas assets for $512 million to International Petroleum Corp, striking its second deal this month as it pushes ahead with its debt reduction plan. Source
  • Ikea readies its first East Coast store, touted as Canada's most sustainable

    Economic CTV News
    HALIFAX - Ikea is getting ready to officially open its first Atlantic Canadian store this week as thousands from across the region are expected to descend upon the popular Swedish furniture chain's new Halifax-area location. Source
  • Striking GM CAMI workers awaiting response to weekend contract proposal

    Economic CTV News
    TORONTO -- The union representing 2,500 striking workers at GM Canada's CAMI assembly plant in Ingersoll, Ont., says the company has yet to respond to a comprehensive proposal put forward on the weekend. Unifor spokesman Mike Van Boekel says he expects it will take General Motors of Canada, which owns the plant, about a day to analyze the costs of the proposal. Source
  • Trudeau urges Canadian companies to seek fortune in China's $5 trillion market

    Economic CTV News
    TORONTO -- Prime Minister Justin Trudeau is urging Canadian small- and medium-sized businesses to look beyond Canada's borders and explore the US$5 trillion retail opportunity in China. Trudeau is speaking at a Toronto conference today hosted by Chinese e-Commerce giant Alibaba, with politicians from all three levels of government in attendance. Source
  • American business group says loss of free trade with U.S. would be a big concern

    Economic CTV News
    OTTAWA - A new report says potential changes to NAFTA and a loss of free trade with the United States represent the biggest concerns for a number of big American firms operating in this country. Source
  • French truck drivers block roads to protest labour changes

    Economic CTV News
    PARIS -- French truck drivers staged road blockages near fuel depots across the country Monday to protest against President Emmanuel Macron's changes to labour laws. Two major unions, CGT and FO, called a nationwide protest action because they fear the new rules Macron formally signed last week will lead to a deterioration in working conditions and ease the firing of workers. Source
  • Alibaba launching payment processing service AliPay in Canada

    Economic CBC News
    E-commerce giant Alibaba.com is launching its mobile payment service AliPay in Canada. The service allows Alibaba customers to use AliPay to easily pay Canadian merchants who sign up for the program. Alibaba is by far the most popular online sales website in China, and AliPay allows Chinese customers to buy products from abroad without any difficulties with currency conversion. Source
  • Alibaba expands payment processing service Alipay in Canada

    Economic CBC News
    E-commerce giant Alibaba.com is launching its mobile payment service AliPay in Canada. The service allows Alibaba customers to use AliPay to easily pay Canadian merchants who sign up for the program. Alibaba is by far the most popular online sales website in China, and AliPay allows Chinese customers to buy products from abroad without any difficulties with currency conversion. Source