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China's growth rate hits a 5-year low
Published on: 2008-10-20
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China's economy expanded at the slowest pace in five years as the financial crisis cut demand for exports. GDP rose 9% in the third quarter from a year earlier, the statistics bureau said in Beijing today. That was less than any of the 12 estimates in a Bloomberg News survey and the 10.1% gain in the previous three months. The International Monetary Fund estimated this month that China's economy may expand 9.3% next year compared with growth of 0.1% in the U.S., 0.2% in the Euro area, and 0.5% in Japan.
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