China's Economy And Its Worst Economic Slow Down

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Introduction The article I chose describes how the Chinese economy copes with its worst economic slow down in 25 years. The article said that the recent figure shows that growth has slowed sharply and deflation set in. The property market has dropped drastically and factory production is at its weakest point science the 2008 global crisis. In the first three months of 2015, GDP grew at "only" 7% year-on-year, which is pretty small compared to the “usual” 9% growth. Growth for 2015 will probably be the weakest in 25 years. Some pessimists said that China’s economy is about to crash after three decades of rapid development. But the article argues that china’s economy is stronger than they thought and is going through a quiet financial revolution. The robustness of China’s economy rests on several aspects. First,most of China’s deficits are domestic. And the Chinese government has a way to convince the debtors and creditors not get into a panic. Second, in order to put the economy on more stable ground the country is shifting is shifting the balance towards domestic consumption instead of investment and export. since the global crisis has a great impact on investment and export. Third, thanks to the booming of service industry, 13 million urban jobs were created, successfully lowing the unemployment rate. It is a record that makes slower growth tolerable. Given China is a large economy, expected growth of 7% this year will boost the global economy by more than 14%
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