In a sign that the Chinese economy is slowing down, the World Bank has slashed its 2008 GDP growth rate forecast for the Chinese economy from 10.8% to 9.6% - a figure considerably lower than the 11.4% posted in 2007. This is not the only sign that China's economy might be weakening, as the country's January trade surplus at USD 19.5 billion was China's first monthly trade surplus below USD20 billion since May 2007. The Washington-headquartered World Bank's China Quarterly Update, published in February 2008, said it had cut China's growth rate due to rising inflation and the impact of the global credit crunch, which it said would affect exports 'considerably'.
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