China’s economy slowed at its sharpest rate since the global financial crisis in the first two months of the year, according to data released on Wednesday showing steep deceleration in virtually every economic indicator.
Industrial production, regarded as a good proxy for broader GDP growth, expanded 6.8 per cent in the first two months of the year from a year earlier, down from 7.9 per cent growth in December.
Fixed asset investment, key in an economy where investment contributes more to growth than almost any other in history, expanded 13.9 per cent in the first two months from a year earlier, down from an annual expansion of 15.7 per cent last year.
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