BEIJING -- The world's second-largest economy saw its economic growth creep down to 6.8% in the final quarter of 2015, as trade and consumer spending weakened, dragging full-year growth to its lowest level in 25 years.
#BREAKING: #China's GDP grows by 6.9% in 2015, in line with expectation: National Bureau of Statistics of China, Tue — People's Daily,China (@PDChina) Jan 19 2016
Full-year growth declined to 6.9%, the lowest level since sanctions imposed on Beijing following its crackdown on the Tiananmen Square pro-democracy movement caused growth to plummet to 3.8% in 1990.
The October-December growth figure was the lowest quarterly expansion since the aftermath of the global financial crisis, when growth slumped to 6.1% in the first quarter of 2009. Growth in the July-September quarter of 2009 was 6.9%.
Investment in factories, housing and other fixed assets, a key economic driver, weakened to 12% in 2015, down 2.9% from the previous year. Retail sales growth cooled to 10.6% from 2014's 12%.
China GDP 1995: $756 billion 2015: $11.3 trillion Japan GDP 1995: $5.3 trillion 2015: $4.2 trillion pic.twitter.com/Q2k8xy6jRy— The Int'l Spectator (@intlspectator) January 12, 2016
Chinese leaders are trying to reduce reliance on trade and investment by nurturing slower, more self-sustaining growth based on domestic consumption and services.
But the unexpectedly sharp decline over the past two years prompted fears of a politically dangerous spike in job losses. Beijing responded by cutting interest rates and taking other steps to shore up growth.
"The international situation remains complex," said Wang Bao'an, commissioner of the National Bureau of Statistics, at a news conference. "Restructuring and upgrading is in an uphill stage. Comprehensively deepening reform is a daunting task."
Over the weekend, Chinese Premier Li Keqiang said China does not intend to devalue the yuan as a way to boost its exports.
China GDP is 6.9%. You can all go back to what you were doing.— Patrick Chovanec (@prchovanec) January 19, 2016
Additional reporting by Mashable.