China’s Growth Slowdown Accelerating In November

Red flag on the economy raised by Zhang Ping, chairman of the National Development and Reform Commission: economic indicators for November are showing an accelerating rate of slowdown in growth. Zhang was speaking at a press conference following the announcement of the 108 basis points cut in interest rates. “The crisis is spreading all over the world and its impact on China’s economy is deepening,” he added.

Zhang also said that the 4 trillion yuan stimulus package announced earlier this month should add one percentage point to China’s growth rate, a more conservative estimate than that of many private economists.