China's annual rate of GDP growth has slowed and stabilized at around 4 percent—far below the incredible growth the country has witnessed in recent years.
Chinese state media has hit back at reports that its slowing economy might gradually be heading towards collapse, saying that lawmakers are moving to tackle the 'various challenges' facing the country.In an article published by the Global Times, an English-language newspaper controlled by the Chinese Communist Party, local reporters talked of 'grim outlooks for the Chinese economy' that were being hyped by foreign media 'amid some challenges' facing the country.
Problems in the property sector in China, together with a weaker currency, less trade, and high youth unemployment, could precipitate a broader financial crisis in the country—unless Chinese authorities put a 'firewall around developers,' according to Shearing.Pettis thinks authorities will intervene to stop the country's economy from crashing.
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