China’s gross domestic product growth slowed to 6.9 per cent in 2015, official data showed today, the weakest annual rate in a quarter of a century for the world’s second-largest economy, a mounting concern for global investors.
The performance of China, the world’s second-largest economy, is a crucial concern for global investors, and its fourth-quarter growth also slowed to 6.8%, the National Bureau of Statistics said, its weakest since the global financial crisis.
Both figures matched the median forecasts in an survey of 18 economists.
China’s leaders — who had set a target of “about seven percent” for GDP growth in 2015 — are looking to transform the country’s economic model away from the investment and exports of the past to one more oriented towards domestic consumer demand.
“The economy is in the process of stabilisation, but it hasn’t stabilised yet,” Liao Qun, chief economist at Citic Bank International in Hong Kong, told
China’s services sector accounted for 50.5 percent of GDP in 2015, the NBS said in a statement, the first time it was more than half the economy.
The structural transformation was still underway, it added, calling it “a crucial period during which challenges need to be overcome and problems need to be resolved”.
“The task of comprehensively deepening the reform is still heavy,” the body said.
Last year’s growth figure was well below the 7.3 percent recorded in 2014