China’s economic growth slows to 24-year low of 7.4 per cent, raising risk of job losses
BEIJING, China – China’s economic growth slowed to a 24-year low of 7.4 per cent in the first quarter, raising the risk of job losses and a potential impact on its trading partners.
The figure reported Wednesday by the government was down from the previous quarter’s 7.7 per cent. It came in below the full-year official growth target of 7.5 per cent announced last month.
Beijing is trying to guide China to slower, more sustainable growth based on domestic consumption rather than trade and investment following a decade of explosive expansion.
The latest growth figures add to weaker-than-expected trade and other data that have raised the possibility of politically dangerous job losses.
Weaker growth also could hurt Asian economies and others for which China is a top market for commodities and industrial components.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.