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| Version 2 | Version 3 |
|---|---|
| China's economic growth slows | China's economic growth slows |
| (about 3 hours later) | |
| China's economic growth slowed to 9% last year, its lowest rate of growth for seven years. | China's economic growth slowed to 9% last year, its lowest rate of growth for seven years. |
| The world's third-largest economy was hit hard by the global financial crisis that led to a fall in orders for Chinese exports. | The world's third-largest economy was hit hard by the global financial crisis that led to a fall in orders for Chinese exports. |
| But the official who announced the figures said the economy had still done relatively well in trying times. | But the official who announced the figures said the economy had still done relatively well in trying times. |
| There has also been gloomy news from South Korea, where the economy shrank by 3.4% in the last quarter of 2008. | There has also been gloomy news from South Korea, where the economy shrank by 3.4% in the last quarter of 2008. |
| Meanwhile, Japan reported that its exports plummeted 35% last month - the sharpest fall on record. | Meanwhile, Japan reported that its exports plummeted 35% last month - the sharpest fall on record. |
| 'Eventful year' | 'Eventful year' |
| At first glance, China's figures appear to show that its economy is still doing very well. Overall growth of 9% for the year would leave most governments ecstatic. | At first glance, China's figures appear to show that its economy is still doing very well. Overall growth of 9% for the year would leave most governments ecstatic. |
| But China recorded 13% growth in 2007, and figures announced on Thursday show economic growth slowed rapidly towards the end of 2008. | But China recorded 13% growth in 2007, and figures announced on Thursday show economic growth slowed rapidly towards the end of 2008. |
| Growth in the first quarter of last year was 10.6%, but that had slowed to just 6.8% in the last three months - after the financial crisis had struck. | Growth in the first quarter of last year was 10.6%, but that had slowed to just 6.8% in the last three months - after the financial crisis had struck. |
| Global appetite for China's exports is drying upAt a press conference to announce last year's figures, Ma Jiantang, head of the national bureau of statistics, said: "In 2008, we saw an eventful and extraordinary year." | Global appetite for China's exports is drying upAt a press conference to announce last year's figures, Ma Jiantang, head of the national bureau of statistics, said: "In 2008, we saw an eventful and extraordinary year." |
| He said China's economy had been affected by a series of natural disasters, such as the earthquake in May, and by the financial crisis. | He said China's economy had been affected by a series of natural disasters, such as the earthquake in May, and by the financial crisis. |
| It is this last event that has hit the Chinese economy hardest - leading to less demand for Chinese products across the world -and the crisis is getting worse, said Mr Ma. | It is this last event that has hit the Chinese economy hardest - leading to less demand for Chinese products across the world -and the crisis is getting worse, said Mr Ma. |
| He revealed that millions of migrant workers - villagers who travel to cities to work in factories - had already lost their jobs. | He revealed that millions of migrant workers - villagers who travel to cities to work in factories - had already lost their jobs. |
| He did not give an absolute figure for the number of migrants who are now jobless, but he said a survey showed about 5% had lost work. | He did not give an absolute figure for the number of migrants who are now jobless, but he said a survey showed about 5% had lost work. |
| Despite all economic difficulties, the incomes of both urban and rural households continue to climb Ma Jiantang, head of China's national bureau of statistics Growth slows but China is not collapsing | |
| China's Academy of Social Sciences recently said that there were about 200 million migrant workers - meaning about 10 million migrants are now unemployed. | China's Academy of Social Sciences recently said that there were about 200 million migrant workers - meaning about 10 million migrants are now unemployed. |
| Independent Chinese economist Andy Xie said the number of migrant workers without jobs could rise to more than 20 million. | Independent Chinese economist Andy Xie said the number of migrant workers without jobs could rise to more than 20 million. |
| "A lot of factories are not going to reopen after the Chinese New Year. The workers will be told not to come back," he said. | "A lot of factories are not going to reopen after the Chinese New Year. The workers will be told not to come back," he said. |
| China worries that these unemployed people will cause an increase in social unrest if they are unable to find new jobs. | China worries that these unemployed people will cause an increase in social unrest if they are unable to find new jobs. |
| Mr Ma acknowledged that this was a problem. "[We] take this issue of migrant workers very seriously," he said. | Mr Ma acknowledged that this was a problem. "[We] take this issue of migrant workers very seriously," he said. |
| To reinforce the point, he reminded those listening that China's communist leaders were improving ordinary people's living standards. | To reinforce the point, he reminded those listening that China's communist leaders were improving ordinary people's living standards. |
| "Despite all economic difficulties, the incomes of both urban and rural households continue to climb," he said. | "Despite all economic difficulties, the incomes of both urban and rural households continue to climb," he said. |
| Are you in China? How have you been affected by the economic slowdown? Send us your comments and experiences. | Are you in China? How have you been affected by the economic slowdown? Send us your comments and experiences. |