BEIJING, China (CNN)-- China's economic growth dropped to 9 percent for 2008, according to numbers released by the government Thursday--in line with expectations, but still the slowest rate the nation has seen in seven years.
Economists are concerned about what the slowdown means for investment in the future, whether new projects will be undertaken in manufacturing companies and in factories. If not, it will translate into more job losses and erase any optimism about a rebound (反弹) in 2009.
Since 2001, China has been used to double-digit growth as consumers buy Chinese goods. However, the export sector was hit hard in late 2008, with December exports down 2.8 percent.
Consumer spending has mostly held up in China, as people there do not carry as much debt as their American counterparts and can continue to spend.
Consumer confidence, however, is a problem, said Dong Tao, Asia chief economist for Credit Suisse. Infrastructure (基础设施的建设) is the only thing driving the Chinese economy, Dong said.
Tens of thousands of Chinese factories have closed, millions of people are looking for jobs and an untold number of migrants who can't find work may be leaving cities for good because of the slowdown, which would have been unheard of six months ago.
Fourth quarter numbers showed growth at 6.8 percent. Goldman Sachs predicted 6.5 percent, down from 9 percent in the third quarter.
For all of 2008, Goldman Sachs had predicted 8.8 percent, down from 11.9 percent in 2007.
1. Since 2001, the slowest rate in annual economic growth China has seen is ___.
A. 6.8% B. 8.8% C. 9% D. 11.9%
2. According to Dong Tao, the only thing driving the Chinese economy is ____.
A. export B. infrastructure C. consumer confidence D. consumer spending
3. Which of the following is NOT the difficulty China is facing?
A. Tens of thousands of factories have closed.
B. Millions of people are looking for jobs.
C. An uncertain number of migrant workers may be leaving cities forever.
D. The terrible situation will erase any optimism about a rebound in 2009.
4. In which quarter of 2008 did the slowdown of China's economic growth first appear?
A. 1st. B. 2nd. C. 3rd. D. 4th.
5. The best title of this passage should be _____.
A. China's Economic Growth Slows.
B. Economic Crisis in China.
C. Economists Analyze China's Economy.
D. Several Factors Determine China's Economy
