Chinese growth is on a downward path. Gross domestic product increased 11.9% in the first quarter last year, and the rate of increase has declined every quarter since. In the first three months of this year, growth came in at 9.7%.
Current GDP growth is now below the 9.9% average for the three decades of the reform era. Conditions at the moment resemble those that preceded the downturn of the later part of the 1990s when, in reality, the country tipped into a year or so of contraction.
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