Death of the red dragon? Why China's economic boom is about to bust

Long the boogie man of the United States and the west, China's economic growth has slammed to a halt, hitting its slowest rate since 1990.

LOS ANGELES, CA (Catholic Online) - The U.S. needn't be afraid of the lurking threat of Chinese economic hegemony, as the Asian power's gross domestic product grew less than the desired 7.5 percent.

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Chinese leadership has long acknowledged that their growth would be lower than desired, and would be forced to accept lower growth.

The recent uptick in the world economy has helped the U.S. more so than China, and recent oil production also will help the U.S. more so than other oil producing countries which look to China, namely Russia.

Over the last three decades, Chinese GDP has grown about 10 percent every year, but in the face of renewed American development and economic growth in countries that traditionally look to China, the great dragon is slowing.

In 2012 and 2013, China's GDP grew only 7.7 percent, a major drop from the 9.3 percent growth seen in 2011 and the 10.5 percent growth from 2010.

A financial expert and economist with Fitch Ratings, Andrew Calquhoun, believes that investors need to "expect growth numbers starting with a 6 to come through in 2015."

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The firm believes 2015's growth will be just 6.8 percent, and a year after that it will fall to 6.5 percent.

In order to fight an economic slump, China has started several measures in order to boost the economy. Infrastructure development projects, interest rate cuts, and subsidizes to dropping real estate markets are just some of the their efforts. However, with a population that lacks the spending ability of the west, these efforts may not pan out for Beijing.

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