This is how much China's economy is slowing down
Image: A customer holds a 100 Yuan note at a market in Beijing. REUTERS/Jason Lee
China’s economy grew by 6.9% in 2015 according to official figures released today (Jan. 19). That’s down from 7.3% a year earlier and well below the average 10.1% annual growth experienced in China’s boom period that stretched from the early 1980s to 2010.
The low figure was no surprise, given China’s inevitable eventual slowdown, and it hit the government’s target of “around 7%.”
The last time the Chinese economy grew this slowly was in both 1989 and 1990. The poor performance then was largely due to sanctions imposed on the country after the Tiananmen massacre. To find ‘organic’ growth this low, you’d have to go back 34 years, to 1981.
Author: Richard MacCauley is a Reporter and Daily Brief writer for Quartz.
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