China's economy slows way down

Thursday, January 22, 2009

China, the world's third-largest economy, has recorded its lowest rate of growth for seven years. The figure fell to nine percent in 2008. Growth slowed even more in the final quarter, falling to less than seven percent. Does this mean that the boom years in China are truly over? Chris Hogg, the BBC correspondent, joins us from Shanghai, China to discuss.

"The way to think about the Chinese economy is that it's a bit like a large elephant riding a bicycle."
— The BBC's Chris Hogg on the slow down in the Chinese economy


Chris Hogg

Comments [1]

Richard Johnston

The Chinese Yuan is not "pegged" to the US dollar. The rate today is 6.84 to 1 US dollar. On January 1, 2007, it was 7.81, and on January 1, 2006 it was 8.07, so it has had a managed devaluation of 15% in that period, instead of the abrupt devaluation that can destabilize trade relations. In short, China has acted responsibly.

Jan. 22 2009 09:30 AM

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