WIREDGOV

Rain Newton-Smith, CBI Director of Economics, said:

“These figures paint a picture of a Chinese economy which is slowing and rebalancing, but still making a huge contribution to the global economy.

“In recent weeks, financial markets have struggled to digest this situation, alongside further weakness in oil prices. While direct links between the UK and China are relatively small, the spill-over effects from China’s economic slowdown, alongside continued volatility in financial markets, amplify the downside risks to growth in the UK.

“Nevertheless, it’s important not to be too downbeat about China or emerging markets more generally. With household incomes up by 7%, and online retails sales growing by 33% last year, China represents a lucrative market for British business.”