China Records Slowest Growth In Years

  • Playlist
  • Download
  • Embed
    <iframe src="" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Asian stock markets advanced in Monday's trading, with South Korean shares gaining for the first time in four days. China also recovered from early losses, despite numbers showing that third-quarter growth slipped to 9 percent.


So that's the latest European effort and in Asia, South Korean officials unveiled a giant bailout plan to stabilize their country's banks. NPR's Louisa Lim reports.

LOUISA LIM: Asian markets welcomed the region's biggest bailout package so far, weighing in at a $130 billion. South Korea's banks had looked vulnerable. Over the weekend, the South Korean government offered a state guarantee on foreign debt and promised to recapitalize financial firms if needed. Jonathan Wooldridge, chief economist from UBS said the moves were necessary.

Mr. JONATHAN WOOLDRIDGE (Chief Economist, UBS): What's happening in Korea is that you need dollars to conduct international trade, and they've been having a heck of a time getting it. The package is more or less designed to try to overcome that dollar liquidity tightness.

LIM: Korea's KOSPI ended up 2.3 percent, while Japan's Nikkei finished up 3.6 percent. China's markets closed 2.3 percent higher after morning losses. These were due to gloomier-than-expected government figures. Economic growth for the third quarter of this was at nine percent, much lower than analysts have predicted. It's the slowest pace of growth for five years coming in the midst to the financial turmoil, any Chinese slowdown is worrying for the rest of the world as China is the biggest contributor to global economic growth. Louisa Lim, NPR News, Shanghai.

Copyright © 2008 NPR. All rights reserved. Visit our website terms of use and permissions pages at for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

NPR thanks our sponsors

Become an NPR sponsor

Support comes from