China’s economic growth slows to seven-year low
China saw its economy grow by 6.7% during Q1 this year in comparison to the same period in 2015, the nation’s government has reported.
The figure represents the Eastern state’s slowest quarterly growth in seven years, falling 0.1% since Q4 last year.
However, the data released today (April 15) is in line both with forecasts and the Chinese government’s growth targets.
While the figures confirm that China’s economy - the second biggest in the world, behind the United States - is seeing a gradual slowdown, there were some areas in which growth skyrocketed between January and March.
According to the BBC, investment in infrastructure and industrial assets defied expectations by showing a year-on-year increase of 10.7% during Q1.
Similarly, consumer spending rallied over the quarter with retail sales leaping 10.5%.
According to the BBC, the strong retail sphere fits the government’s attempts to make China’s economy less focussed on exports and more consumer-led.
China’s parliamentary body, the National People’s Congress (NPC), last month outlined and approved a five-year plan for its economy in the hope of driving continued growth. The plan, which aims for between 6.5% and 7% growth each year, includes measures such as streamlining state-run enterprises and slashing the nation’s debt.