World

Global Economy Squeezed by Worsening Slowdown in China

Published

11 years ago

January 20, 2015

A woman walks by an advertisement billboard for a new shopping mall which is under construction in Beijing, China Tuesday, Jan. 20, 2015. China’s economic growth slowed to 7.4 percent last year, the weakest expansion in more than two decades. (AP Photo/Andy Wong)

BY KELVIN CHAN, AP Business Writers
PAUL WISEMAN, AP Business Writers

HONG KONG (AP) — The global economy, slowed by stagnation in Europe and Japan, is being further hampered by China’s decelerating growth.

The Chinese economy grew 7.4 percent in 2014, its weakest performance in nearly a quarter-century. And its growth is forecast to slow even more over the next two years.

The figures released Tuesday remain, by just about any measure, impressive. China continues to grow at more than twice the pace of the overall world and about three times as fast as the U.S. economy. Yet its growth rate marks a sharp drop from China’s sizzling double-digit expansion in previous years.

And given its size, China has an outsize effect on the world. China’s share of the global economy climbed from 4.5 percent in 2000 to an estimated 11.3 percent last year, according to the World Bank.

“China is the second-largest economy in the world,” said Paul Sheard, chief global economist at Standard & Poor’s Ratings Services. “So when it slows, the rest of the world is impacted.”

On Tuesday, the International Monetary Fund downgraded its forecast for the global economy for this year and next and pointed to China’s slowing economy as a key factor. The IMF said China’s growth would weaken to 6.8 percent this year and 6.3 percent in 2016. China’s slowdown will dent growth in countries it imports from, especially in Asia, the report said.

China’s 2014 expansion was its slowest since 1990, when growth tumbled to 3.8 percent — a result of economic sanctions imposed on China after its violent crackdown on the Tiananmen Square protests. Last year’s 7.4 percent growth undershot Beijing’s target of 7.5 percent, its first miss since 1998, according to analysts.

Economists expect the slowdown to deepen, clouding the outlook for the world economy as China transitions away from an era of supercharged but unsustainable growth that fueled demand for everything from Australian iron ore to European luxury goods.

Few think the Chinese slowdown will do much direct damage to the strengthening economy of the United States. The United States is enjoying sustained improvement, with healthy job growth, falling oil prices, rising auto sales, low interest rates and an easing of government cutbacks fueling steady expansion.

The pain will be more intense in countries such as Australia and Malaysia that rely heavily on the Chinese market, said Nariman Behravesh, chief economist at IHS.

“Those most hurt will be the commodity-exporting countries in Africa and Latin America and China’s neighbors,” Behravesh said.

Chinese businesses are bracing for a more painful year.

“Competition will be even more difficult,” said Han Yi, a sales manager at Tianjin Yihsin Packing Plastic Co., which employs 700 people making plastic cups and cookie packaging in Tianjin, about an hour southeast of Beijing.

Han complained that sales in 2014 dipped about 5 percent from the year before and the company had to improve product quality and reliability to compete for new clients. Even then, it was able to win only one new account from a rapidly expanding customer.

“The situation would be much worse if we could not win this new client,” he said.

China’s slowdown is partly intentional: Beijing wants to move the country away from super-fast growth based on often-wasteful investment in factories and real estate to sturdier but slower growth based on spending by Chinese consumers.

The slowdown “is by and large a good thing,” S&P’s Sheard said. “China was growing at an unsustainably fast pace.”

But the transition, already difficult because consumers have never been the driving force behind China’s growth, has been buffeted by a range of problems. They include a slumping property market and uneven exports.

Some analysts expect China to gradually provide economic stimulus this year to prevent growth from fading too fast. But they don’t expect a major spending splurge. Debt is already at worrying levels after the government engineered a credit-fueled response to the 2008 global crisis.

“Credit risks will likely continue to prevent policymakers from using monetary policy too aggressively in order to shore up growth,” said Julian Evans-Pritchard of Capital Economics, who forecasts 7 percent growth in China this year.

Consumption should receive a boost from the slump in global oil prices. But it’s unlikely to fully offset the slowdown of investment in areas already suffering from overcapacity such as property and heavy industry, he said.

Chinese officials have tried to lower expectations by saying growth below the official target would be acceptable.

President Xi Jinping said last year that the economy has entered a “new normal.” But a surprise interest rate cut by policymakers in November indicated they were worried about a spike in job losses.

Growth in the fourth quarter of last year was 7.3 percent, unchanged from the previous quarter, which was the slowest quarterly expansion in five years. China’s economy grew 7.7 percent in 2013.

Staff at the Wanjiang Xiufang garment company in Dongguan, southern Guangdong province, said they were battling competition from an increasing number of rival factories even as consumer spending on the women’s and children’s clothing they make weakened.

Average profit on a hoodie, for example, fell to 8 yuan ($1.29) last year, down from 10 yuan ($1.60 previously, said Lin Rongguang.

“We need to produce new products with better quality but a lower price,” Lin said. “I know it will decrease our profit, but we have to survive first,” he said.

___

Wiseman reported from Washington. AP researcher Fu Ting contributed.

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African Union Group to Award Rev. Dr. Amos Brown for Bringing Civil Rights Movement to Global Stage

Dr. Macaulay Kalu, secretary general of AU6RG, will present Dr. Brown with the Global Peace Builder Award. Other presenters include Rev. Dr. Freddie Haynes, senior pastor of Friendship West Baptist Church in Dallas; Oakland Mayor Barbara Lee, long-time advocate for appropriations to Africa as a congressmember; Rick Callendar, California-Hawaii president of the NAACP; Dr. Ike Neliaku, president and chairman of the Nigerian Institute of Public Relations; Pastor Ituah Ighodalo, head of the African Leadership Group and Ambassador Thompson and John William Templeton, founder of the Journal of Black Innovation National Black Business Month®.

Published

4 months ago

August 25, 2025

Oakland Post

Dr. Amos C. Brown, pastor emeritus of Third Baptist Church with Ambassador Ladi Peter Thompson of the African Unity 6th Region Global and with John William Templeton, founder of the 22d Journal of Black Innovation National Black Business Month®. Courtesy photo.

By Carla Thomas and John William Templeton

On Aug. 31, the Third Baptist Church of San Francisco will mark its 173rd anniversary with an event steeped in history and global significance. This year’s commemoration, themed “Achieving Dr. King’s Promised Land Together,” will honor the lifelong achievements of Dr. Amos C. Brown, Sr.— a towering figure in the Civil Rights Movement — on a day that also observes the International Day for People of African Descent.

Brown will be recognized by the African Union’s organ for Africans abroad for ‘planetizing’ the civil rights movement gains at San Francisco’s Third Baptist Church, 1399 McAllister St., at 3 p.m.

The African Union, made up of 54 countries on the African continent, consists of five regions. It created a sixth region, the African Union Sixth Region Global (AU6RG), for the 400 million Africans living abroad. On Sept. 7, the second AU-Caribbean Community Summit occurs in Addis Ababa, Ethiopia.

Held during the 173rd anniversary of the church, the event called “Africa-America: Achieving Dr. King’s Promised Land Together” is a Diaspora-wide discussion led by Dr. Brown on what Martin Luther King, Jr. would say today.

Galvanized by the horrific 1955 slaying of Emmett Till, Dr. Brown’s journey in activism began in Jackson, Mississippi, where a neighbor, Medgar Evers, the NAACP’s first field secretary in that state, encouraged Brown to found the Mississippi NAACP Youth Council.

In 1956, Evers personally drove Brown to the NAACP convention in San Francisco, where Brown would first hear Dr. Martin Luther King Jr. speak. Brown became a prominent Freedom Rider, later attending Morehouse College and taking the only class Dr. King ever taught there. Thirteen years after Evers was assassinated in Jackson, Brown arrived at Third Baptist Church in 1976, serving with distinction for 49 years before his recent retirement. Under his stewardship, the church solidified its commitment to social justice and international unity.

His Excellency Rev. Ladi Peter Thompson, deputy secretary general for peace and security of AU6RG, said, “As a mentee of Medgar Evers, Freedom Rider and student of Dr. Martin Luther King Jr., Dr. Brown is the perfect authority for the young people of the Diaspora on achieving the prophetic goal that Dr. King foresaw in Memphis.”

Lady Dentaa Amoateng, founder of Grow, Unite, Build Africa (GUBA), will also announce that Dr. Brown is an honoree at the GUBA Award in Bridgetown, Barbados in November. The popular actress in Ghana and the United Kingdom will attend in person.

Dr. Lezli Baskerville, president/counsel of the National Association for Equal Opportunity in Higher Education, which includes 105 Historically Black Colleges and Universities (HBCUs) and 90 predominantly Black institutions (PBIs), invites its students, faculty, and alumni to attend or join remotely.

“HBCUs produced both Dr. King and Dr. Kwame Nkrumah and are the fountainhead for Diaspora unity,” said Baskerville.

Templeton, author of “ReUNION: State of Black Business, 22d edition,” said “Our movement will advocate the continuance of tariff-free treatment for Africa and the Caribbean; respect for African-American and African elected officials and the 13th, 14^th, and 15^th Amendments and the strengthening of educational and research connections across the Diaspora.”

Templeton said Black institutions have been at the forefront of defining the image of 1.5 billion Black people globally, a mission that is even more important as African youth will be the majority of the world’s young people in the coming decades.

ABOUT THIRD BAPTIST CHURCH

Founded on West Indian Emancipation Day on Aug.1, 1852, Third Baptist said in its annual report in 1858 that its sole purpose was the elimination of American chattel slavery and took an active role among the California abolitionists who convinced President Abraham Lincoln to issue the Emancipation Proclamation. The current sanctuary is constructed with wood from the Goodall Mansion, where President U.S. Grant stayed after leaving the White House, and is the last place where Dr. W.E.B. DuBois spoke before leaving for Africa in 1958.

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Newsom, Pelosi Welcome Election of First American Pope; Call for Unity and Compassion

“In his first address, he reminded us that God loves each and every person,” said Newsom. “We trust that he will shepherd us through the best of the Church’s teachings: to respect human dignity, care for the poor, and wish for the common good of us all.” Newsom also expressed hope that the pontiff’s leadership would serve as a unifying force in a time of global instability.

Published

7 months ago

May 19, 2025

Oakland Post

Pope Leo XIV. Screenshot.

By Bo Tefu, California Black Media

Gov. Gavin Newsom and First Partner Jennifer Siebel Newsom on May 8 issued a statement congratulating Pope Leo XIV on his historic election as the first American to lead the Catholic Church.

The announcement has drawn widespread reaction from U.S. leaders, including former House Speaker Nancy Pelosi, who called the moment spiritually significant and aligned with the values of service and social justice.

In their statement, the Newsoms expressed hope that the newly elected pope would guide the Church with a focus on compassion, dignity, and care for the most vulnerable. Newsom said he and the First Partner joined others around the world in celebrating the milestone and were encouraged by the pope’s first message.

Newsom also expressed hope that the pontiff’s leadership would serve as a unifying force in a time of global instability.

“May he remind us that our better angels are not far away — they’re always within us, waiting to be heard,” he said.

Pelosi, a devout Catholic, also welcomed the pope’s election and noted his symbolic connection to earlier church leaders who championed workers’ rights and social equality.

“It is heartening that His Holiness continued the blessing that Pope Francis gave on Easter Sunday: ‘God loves everyone. Evil will not prevail,’” said Pelosi.

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Retired Bay Area Journalist Finds Success in Paris with Black History Tours

In the late 90s, Stevenson finally realized her dream of living in Paris, now with her daughter. She started exploring the history of Africans in the city and would go on to teach others the same. Her business, which she named Black Paris Tours (BPT), received a significant boost when a family friend gave her a stack of cash and encouraged her to expand on the knowledge that she had only started to share with people she knew.

Published

10 months ago

February 18, 2025

Oakland Post

Ricki Stevenson, Blacks in Paris. Courtesy photo.

By Post Staff

There were two things Oakland-born, East Palo Alto-raised Ricki Stevenson always dreamed of:

Going to New York as a newscaster to tell the true story of Blacks in America.
Living and working in Paris one day.

Her dreams of life in Paris began when she was three years old and her mother, a former professional dancer, took her to see Josephine Baker perform. She was 11 when her parents took her to the Stanford University campus to meet James Baldwin, who was speaking about his book, “The Fire Next Time.” Ricki says that’s when she knew she’d one day live in Paris, “the city of light!”

But before that would ever happen, she had a tumultuous career as a newscaster across the country that was inspired by her family’s history.

Stevenson recalls marching with Cesar Chavez as he fought for labor rights for farm workers in California.

“Are we Mexican too?” she asked her parents. “No, but we will fight for everyone’s human rights,” they responded to her.

Ironically, Ricki’s paternal family roots went back to Greenwood, Oklahoma, infamous for the 1921 bombing of Black Wall Street. A time when Black people had oil wells, banks, and a thriving business community.

This background would propel her into a 25-year journalism career that gave her the opportunity to interview greats like President Jimmy Carter, PLO leader Yassir Arafat, James Baldwin, Rev. Jesse Jackson, UN Ambassador Andrew Young, Miriam Makeba, and the leaders of South African liberation movements.

A job offer from KCBS radio brought her back to the Bay Area in the 1980s. Then came the switch to TV when she was hired as a Silicon Valley business reporter with KSTS TV, working at the first Black-owned television station in northern CA (created and owned by John Douglas). Along the way, Stevenson worked as an entertainment reporter with BET; coproduced, with her disc jockey brother Isaac, a Bay Area show called “Magic Number Video;” lived in Saudi Arabia; worked as an international travel reporter with News Travel Network; and worked at KRON TV a news anchor and talk show host.

In 1997, Stevenson realized her dream of living in Paris with her young daughter, Dedie. She started exploring the history of Africans in the city and would go on to teach others the same. Her business, which she named Black Paris Tours (BPT), received a significant boost when a family friend, Admiral Robert Toney put a chunk of money in her hand. He said, “Ricki, my wife and I have been coming to Paris for 20 years, but in just two days with you and Dedie, we’ve learned and seen more than we ever did before.”

Years after BPT took off, Ricki met Nawo Carol Crawford and Miguel Overton Guerra, who she recruited as senior scholar guides for Black Paris Tours.

Guerra says he is proud of his work with Black Paris Tours in that it provides a wealth of information about the rich legacy of African and African American history and influence in Paris and Europe.

“I tend to have a feeling for history always being a means of a reference point backwards … you start to understand the history, that it isn’t just the United States, that it began with African people,” Guerra says.

He said that it’s been a pleasure to watch people learn something they didn’t know before and to take them through the city to key points in Black history, like hangout spots for writers like Baldwin and Richard Wright, restaurants in the busiest parts of Paris, the home of Josephine Baker and so much more.

Although the tours are open to all, Guerra hopes that those of African descent from all over the world can embrace that they don’t have to just stay where they are because movies and media have portrayed cities like Paris to be only white, it’s multicultural and accepting to all.

“We’ve been here, and we’ve been there, going way back when. And we shouldn’t be considered or consider ourselves to be strangers in any place that we go to,” he said.

Stevenson notes they’ve had 150,000 people take their tour over the years, with notables like former NFL quarterback Colin Kaepernick, Smokey Robinson, Steve Harvey, Miriam Makeba, and more.

Friends and former media colleagues of Stevenson compliment the BPT crew on their knowledge of the city and their ability to always keep it interesting.

“He [Guerra] just had a deep, deep wealth of knowledge and he was constantly supplanting information with historical facts and the like. I love that it was demonstrating and showing how Black people have thrived in Paris or contributed to the culture in Paris,” Candice Francis said.

She toured in the summer of 2022 and stated that in the two weeks that they visited Paris, BPT was the highlight of her trip. She shared that she was proud of Stevenson and the life she’d managed to manifest and build for herself.

“Even if you’re visiting Paris for the tenth time, if you haven’t taken the tour, then by all means, take it,” Francis emphasized.

Magaly Muñoz, Gay Plair and Paul Cobb also contributed to this story. You can book your own adventure with Black Paris Tours at www.blackparistour.com.