Thursday, May 21, 2015

China and Middle East strengthen ties despite growth dip

by Daleen Hassan 

EURONEWS - 19/05

Recent data has shown that growth in China has slowed to its lowest rate in the almost 25 years.
Despite the slowdown, China is still a steadily growing economy and has become the world’s largest importer of crude oil, almost a third of which comes from Gulf countries.
China and the Middle East say they have a win-win partnership, in which they have increased the proportion of trade exchange.
Beijing considers the Gulf region the most attractive destination for its export market. Data in April showed China’s economy slowing despite a rise in policy easing programmes.
Boosting growth
According to the International Monetary Fund (IMF) the Chinese economy grew 7.4% in 2014 and the most recent forecast is 6.8% for this year and 6.3% for 2016.
In light of a slowing economy, the People’s Bank of China (PBOC) announced that it would reduce the rate on a one-year loan by 0.25 percent. This is the second interest rate cut to take effect this year.