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Cracks in China's Economy
China reported that Q4 GDP had slowed from 7.8% to 7.7% year on year, and growth is expected to continue dropping this year.
Although the world’s second largest economy actually beat headline expectations, the GDP figure underlines a trend of worsening economic data released by Beijing. Sequentially, growth fell from 2.2% to 1.8% which was lower than hoped.
The Chinese government is overseeing a gear change in the economy with a switch from an export driven model to consumer based growth. Adding to signs that this transition is working was news that retail sales rose 13.1% in 2013.
However, overall growth is expected to decline even further long term with expectations, that by 2020, GDP will be between 3 and 4%. Compare that to the previous decades of double digit growth in China
01:45 minutes
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