China’s Recession

Chinese President Hu Jintao said in a speech that economic recovery would be China’s top priority for 2009 and called on leaders of social and political organizations to work together to address the crisis. Hu’s comments come a day after China released data showing 2008 gross domestic product growth of 6.8 percent, a seven year low.

RGE Monitor’s Nouriel Roubini points out that due to China’s year-on-year reporting mechanism, the country’s quarterly growth for the fourth quarter of 2008 might well have been zero or lower.

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