China’s economy grew by 8.9% year-on-year in the fourth quarter of 2011, cooling from 9.1% rate in the third quarter, Bloomberg reported. The pace was the slowest rate in 10 quarters, but faster than analyst expectations of around 8.6%, and up 2% from the previous quarter on a seasonally adjusted basis. GDP grew by 9.2% for the full year 2011, down from 10.4% the year before. China’s policymakers are widely seen to be easing monetary conditions, as continued weakness in the country’s primary export markets of the US and Europe and stalling house prices in China dampen economic prospects. Officials have predicted a “grim” 2012 for China’s exporters.
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