(Ian Mader – AP)
China’s economic growth waned to a five-year low of 7.3% last quarter, raising concerns of a spillover effect on the global economy but falling roughly in line with Chinese leaders’ plans for a controlled slowdown.
The third quarter figures, released Tuesday, put China on course for annual growth somewhat lower than the 7.5% targeted by leaders, though they have indicated there is wiggle-room in their plan. The world’s No. 2 economy grew 7.5% from a year earlier in the previous quarter and 7.4% in the first quarter.
Communist leaders are trying to steer China toward growth based on domestic consumption instead of over-reliance on trade and investment. But the slowdown comes with the risk of politically dangerous job losses and policymakers bolstered growth in the second quarter with mini-stimulus measures. Read more here.