China’s economy grew 6.9 per cent last year, according to official figures released on Tuesday, the slowest pace since 1990.

Growth in the Asian powerhouse has fallen markedly in recent years, with real gross domestic product expanding at less than half the pace of 2007. The ruling Communist party projects an average annual growth rate of 6.5 per cent over the next five years, in contrast to an average of more than 10 per cent in the first decade of the century.

But while the global investment community tends to focus on the headline growth number, it is easy to forget that because China’s economy is so much bigger after its tremendous growth spurt, in terms of absolute growth it is still contributing more to the global economy than it did a decade ago.