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China's economic slowdown
作者:佚名    文章来源:BBC News    点击数:11    更新时间:2019/12/21 (第13教学周)  

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The world's second largest economy, China, has grown at its slowest rate since 1990, stoking fears about the impact it could have on the rest of the world. Official figures put the growth rate at 6.6% last year. Although that's still high by global standards, pressure has come from falling domestic demand, plus the ongoing trade war with the United States. It comes as the International Monetary Fund has forecast a fall in global economic growth in the coming year and has warned of increased uncertainty. Our business editor Simon Jack reports from the World Economic Forum in Davos.

China's rapid economic growth, its expanding role in global trade, and the increased spending power of its consumers, have helped create jobs around the world. It picked up a lot of slack after the financial crisis. But that is changing.

It is now the world's second biggest economy but in the last decade, its growth rate has slowed from a high of 14% to less than half that rate now. And today, there was a warning that rising trade tensions between China and the US could see another dent in global growth.

"The risks remain. It is going to depend a lot on what happens with the trade talks. That is ongoing at this point. In the event that there is an escalation in the trade conflict, then we would see a bigger revision. "

This isn't just economic theory. It means UK jobs. Jaguar Land Rover said a slump of 50% of sales in China was a major factor in its decision to cut 6,000 staff over the last 12 months.

The news that China's economy is growing at its slowest rate in nearly 30 years sent a bit of an icy blast through here ahead of the World Economic Forum in Davos. It wasn't entirely unexpected, but China is now such a big part of the global economy that what happens there affects countries all around the world.

The demand for raw materials like steel and oil is very sensitive to the Chinese economy and affects the fortunes of workers from South Wales to Saudi Arabia. So what do Chinese business leaders make of the slowdown and the dangers of an escalating trade war?

"If the world's two largest economies are not seeing eye to eye, everybody suffers. The psychology of the trade war is something which a business is very uncomfortable with. But I am quite hopeful that there will be a deal in the next few weeks, because both sides need a deal because of domestic challenges."

Neither Chinese President Xi Jinping or US President Donald Trump are attending Davos this year, but they are still, in their absence, top of the world agenda. Simon Jack, BBC News, Davos.
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