In 2011 this had moderated to 2,7 per cent, and in the first two quarters of this year, annualised growth rates of 0,8 per cent were recorded. While Chinese growth of 7,6 per cent may seem extremely fast to us, we must bear in mind that it is significantly slower than the levels previously achieved, and further moderation is expected.
A recent IMF Survey viewed the slowdown in China as having been initially self-induced, to correct overheating asset markets, but more recently is due to the effects of the global slowdown. The channels of contagion to emerging markets from the slowdown in the advanced economies are likely to be similar to those experienced in 2008.