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China's real GDP growth slowed to 6.8% in Q4 y/y, the slowest in seven years and a sharp slowing from 9% in Q3 as Chinese exports and manufacturing contracted and investments slowed. Chinese growth has been decelerating for six consecutive quarters and is unlikely to grow more than 4-5% y/y in 2009 as global demand for Chinese goods continues to be weak, investment continues to slow (despite government spending) and domestic demand weakens from job losses, negative wealth effect from equity and property market losses.

(via RGE)