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.
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