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China's slowdown 'just the hors d'oeuvre'

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In the last 30 years China has undergone the greatest economic boom in the history of the world but, as the country prepares to transfer leadership, growth seems to be slowing down.

The latest figures have shown that GDP is increasing by 7.5%, the lowest rate since 1999.

George Magnus, a senior economic adviser at UBS Investment Bank, follows China closely and believes that China now faces its biggest economic challenge since the initial opening of the country in 1978.

Mr Magnus told Today business presenter Justin Rowlett that, the country "is in the process of, what in China they call, the huge economic rebalancing."

"The slowdown in growth so far is actually just the hors d'oeuvre."

He described a "new normal of about 5% growth… not seven or eight".


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