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Why a slower China won't impact domestic employment
经济发展速度放缓是否影响就业率
The number we’ve been looking forward to all month is out. China’s economy grew 7.4% during the first quarter of 2014,beating forecasts that called for growth of 7.3%.
The last time the Chinese economy grew at this pace was during the third quarter of 2012 and a growth rate any lower than 7.4-percent, we’ll have to go back to the depths of the global financial crisis. CCTV correspondent Tracey Chang looks at what looms ahead for China’s economy and why slower growth may not negatively affect China’s employment picture.
After growing at an average rate of more than 10 % and lifting more than 500 million people out of poverty, the Chinese economy is facing a turning point.
China’s first quarter GDP does indeed show tamer growth but that’s typical given the long Lunar New Year holiday. Many economists also think that even much slower growth would NOT post a serious challenge to China’s employment situation.
Despite the upbeat GDP numbers, economic headwinds such as credit expansion, risks in shadow banking and volatility in China’s yuan still threaten the government’s goal of achieving quality and sustainable growth.
2014 is a crucial year for China both politically and economically. As the country enters a new phase of development, its prosperity has widespread implications for the world’s economic future.
