China growth slowest for nearly 30 years

21 Jan 19

China’s economy grew at its slowest pace in nearly 30 years last year amid the ongoing trade tension with the US.

The world’s second largest economy grew by 6.6% in 2018 - the weakest reported annual rate since 1990. This was down from 6.8% in 2017.

After years of expansion and strong economic growth, the last quarter of 2018 saw the China’s growth rate at 6.4%, official data from the National Bureau of Statistics revealed on Monday. This was in line with forecasts, including projections from the IMF. 

In the fourth quarter of 1990, the Chinese economy grew by 3.8%. Since then the country has seen strong growth.

The slower rate of expansion has raised concerns about the potential knock-on effect to global growth.

The bureau’s director Ning Jizhe told the Guardian: “The external environment is complicated and severe. The economy is facing downward pressure.”

Ning added that China’s economy remained “steady overall”.

The growth rate puts pressure on China to ease the trade tension with the US.

Although, Ning added: “China-US conflict is indeed affecting China’s economy, that is true, but the impact is manageable.”

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