China’s economy expanded at its slowest pace in six years in the first quarter, held back by a slowdown in construction and manufacturing as the government seeks to re-engineer the country’s growth model.
Chinese growth underpinned the global economy in the wake of the financial crisis, but it has been slowing year by year since 2011, affecting everything from the price of iron ore to global sales of luxury goods.
For emerging markets that rely on Chinese demand for their commodities, the slowdown is adding to the strain as they brace themselves for the effect of a US interest rate rise that is expected later this year.
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