Chinese manufacturing activity fell to a six-year low in the latest chapter of the slowdown in growth currently being experienced by the world’s second-biggest economy. China’s president, Xi Jinping, was swift to defend his government’s stock market intervention in a speech delivered in Seattle during his recent state visit to the US. He claimed that although the economy was ‘under pressure’, it was, nevertheless ‘on the way towards growth’ and that the stock market had reached a ‘phase of self-recovery’.
It’s not a view shared by everyone. After an average annual growth rate of 10% for three decades, China’s economy has slowed significantly. Last year it was just 7.4% – with many economists believing the true figure is to be good deal lower. IMF forecasts stand at 6.8% for next year.