On Tuesday, China reported that its economy grew by 7.4 percent last year, and 7.3 percent in the fourth quarter. Those numbers would thrill most countries, but 7.4 percent growth is a 24-year low for China's economy and 0.1 points below China's target growth for 2014. The slowdown is being attributed to a cooling real estate market, sluggish exports, and large amounts of debt being carried by companies and local governments.
Investors had expected lower numbers, and so stocks rose in Asia on the news. "Although, at 7.3 percent last quarter, growth isn't as spectacular as over the past decade, it is still among the world's fastest," HSBC's Frederic Neumann tells the BBC. China plans to buoy its economy by increasing consumer spending.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Will Gary Lineker's departure be an own goal for the BBC?Today's Big Question Former star striker turned highest-paid presenter will leave Match of the Day after 25 years, with BBC head of sport reportedly declining to offer him a contract
-
The potential impact of Trump tariffs for the UKUK goods exports to the US could be hit with tariffs of up to 20% seriously affecting the British economy
-
Shoot to Kill: Terror on the Tube – a 'raw' and 'riveting' docuseriesThe Week Recommends Channel 4's 'gripping' two-part show explores the Metropolitan police killing of an innocent man in the aftermath of 7/7
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
