The Short View: Has China hit the brakes? But imports are another matter. Morgan Stanley points out that growth has slowed to 13.5 per cent in the first four months of the year, down from 36 per cent in 2004. This slackening of pace may explain the developments in the commodity markets. The Baltic Dry Freight index, a measure of shipping activity, has plunged from a high of 6,208 in December to 3,366.