BEIJING (Jan 18): China's statistics bureau said on Friday that it has revised down the country's 2017 gross domestic product (GDP) growth to 6.8 percent from 6.9 percent previously.
The size of the GDP was also revised down from 82.7 trillion yuan ($12.21 trillion) to 82.1 trillion yuan, the statistics bureau said in a statement on its website.
Alibaba Group Holding Ltd is cutting its spending on travel and postponing some new hiring as China’s largest e-commerce company braces for a slowing economy, people familiar with the matter said.
Some new hires were told they can’t start until the new fiscal year begins in April, the people said, asking not to be named because the matter is private. The travel cuts include restricting business class airfares on a unit-by-unit basis, with staff only able to select a premium cabin on every fifth round trip that takes more than 20 hours, one of the people said.