China's 4Q GDP plunges

China’s GDP for the fourth quarter of 2008 plunged, in the latest indication that the impact of the global financial crisis on China has worsened, AP reported. Economic growth came in at 6.8% compared to a year earlier, according to data released today by the National Bureau of Statistics (NBS). This compares to 9% growth in the previous quarter and 10.6% in the first quarter. The economy grew by 9% for the full year, marking the slowest annual growth since 2001, and down significantly from the 13% growth seen in 2007. Exports fell by 2.8% in December, following a 2.2% drop in November. Premier Wen Jiabao will visit Europe this month to speak with European leaders about measures to combat the current global economic slowdown.