The growth rate of China’s GDP in 2015 fell to the lowest since 1990 and amounted to 6.9%

Almaty. January 19. Silkroadnews - The growth rate of China’s GDP in 2015, on a year-on-year basis, slowed down to 6.9% compared to 7.3% in 2014, which is the lowest for the last 25 years, wrote the Chinese media.
“According to preliminary estimates, in 2015 the gross domestic product of China amounted to 67.67 trillion yuan (about $10.3 trillion), which is 6.9 % higher versus previous year. In particular, the annual GDP growth in the first quarter made 7%, in the second - 7%, in the third - 6.9%, in the fourth - 6.8%”, the National Bureau of Statistics of China reports (NBS).
The IV quarter was the worst since the first quarter of 2009, when the growth rate of the Chinese economy under the influence of global financial crisis slowed to 6.2%.
“Under the difficult international conditions and the growing pressure as a whole, the economy has reached a moderate yet stable and healthy development”, the report says.
The document also notes that the growth rate of the economy remained within the “reasonable limits”. It is noted that last year the economic structure got optimized, reforms gathered pace and quality of life improved.
“In 2015 China’s GDP growth was 6.9%. It is necessary to take into account the conditions under which this result was achieved. Currently the international trade is slowing down, while the financial risks are growing, it is impossible to exclude all these factors impact on China’s economy. Growth of 6.9% is not low at all”, the head of the NBS Wang Bao said at the press conference, when commented on the reasons for the slowdown.
According to economists, the slowdown in China’s economic growth is also related to the dull domestic and external demand, weak investment, excess production capacity that intensified deflationary pressure on the economy.
Last March the Chinese Government set the plan for economic growth for 2015 at the level of “near 7% “, thus, an increase of 6.9% is generally consistent with the task assigned by the authorities.
NBS publishes data on GDP growth three times a year, where a preliminary count is followed first by the preliminary and then by the final confirmations.