A worker on a scaffold in Beijing: The Chinese economy does not grow as strong as in previous years.
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Economic growth in China has decreased in the past year to 7.4 percent. It is the slowest growth since 1990, were after the bloody suppression of the Chinese democracy movement, imposed the year as economic sanctions against China and the country lurched against a phase of high inflation by a leaden time in shock an uncertain future.
Hendrik Anke Brand, born in 1978, economics correspondent for China based in Shanghai
According to the Chinese Bureau of Statistics Tuesday in Beijing remained the second largest economy in the world, the expected purchasing power already the largest growth the United States is, in the fourth quarter of last year before only by 7.3 percent compared to the same period as in the third quarter. However, many economists had expected even worse values. Small by Chinese standards – – Economic splash of government and billions for ease lending an impact
Apparently, many have.
Nevertheless, China has missed the first time with the growth value of 7.4 percent, the objective of the government in Beijing, which had originally planned 7.5 percent for the whole year since the late 90s. Respectively 7.7 percent growth in the years 2012 and 2013 were for the same input from Beijing have been achieved in previous years, the economy was often grown in double digits. In no other major country in the world to rule such rigid targets such as the state-capitalist China, where the five-year plans in addition to guidelines for social development also specify the growth of gross domestic product and employment for each province – even if the targets for a few years will be officially supposedly le ss rigid than “Guidelines” declared.
The industrial production growth in China slowed last year to 8.3 per cent, having previously reached in 9.7. Fixed investment supercooled also up, revealing only 15.7 percent compared to last year.
This year the economy is expected to grow more slowly. The most optimistic nor the World Bank with a forecast of 7.1 percent. The International Monetary Fund predicts the other hand, China GDP growth of 6.8 percent, an assessment that is not shared by all – the economists of many banks put their predicti ve value at even lower. That should leave among other things on the commodity markets worldwide tracks. That about the price of oil has fallen by about 50 percent since the middle of last year, has to do with the weaker demand in the second largest oil consumer in the world China.
The fact that China’s economy will grow more slowly than in the past is simply the result of the previous, historically singular boom that has already lasted longer than expected by many economists. The Chinese economy has reach ed a size such that gains in absolute terms an increased 7 percent of GDP today an increase of 10 percent was a few years after that. President Xi Jinping, the economy prescribed the phrase “new normal”, which is not less than intended to mean a change in the economic model: whereas previously the growth in addition to the construction of seemingly infinite number of skyscrapers and shopping malls was mainly driven by the export industry, Chinese in their factories workers at low wages in a little screwed together efficiently cheap entertainment technology for the buyers in Western industrialized countries to change.
Not only that, the environment has suffered greatly in recent years, the rapid growth in the factories. In future, the wages paid there will no longer be sufficient to provide the Chinese satisfied. Other, more skilled and better paid jobs are needed. So the government is relying on “quality growth”, in which more high technology in China not only produced but is to be invented – which would raise wages. In addition, domestic consumption is to attract and grow the service greatly.
Even t hough China is one of the largest economies in the world: in terms of per capita wealth of the average member of the nearly 1.4 billion people is counted population just over a fifth of the average American
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