China still a global economic engine even at lower gear of 7%

London

A SURGING China saved the global economy from recession, but a slowing China may not consign it to a slump.

The world's second-largest economy will grow 6.8 per cent this year en route to 6 per cent in 2017, the International Monetary Fund projects. That's half the 14 per cent of 2007 and well below the 10 per cent of 2010.

The deceleration will certainly eat into global growth, given China now accounts for about 15 per cent of worldwide gross domestic product.

A slowing to 7 per cent should be enough to reduce an already sub-par expansion everywhere by 0.5 percentage point, acco…