CHINA Chinese economic growth at the lowest level in 28 years

Anna Jefferson
January 23, 2019

In the three months to December, the economy grew 6.4% from a year earlier, down from 6.5% in the previous quarter.

The 6.6 per cent is above the official target of around 6.5 per cent, according to the data published the NBS.

Forecasters said they expect Beijing to try to shore up growth by making credit cheaper, raising government spending and adopting measures to encourage sales of autos and consumer goods.

In case you are still wondering why China's economy has the potential to drag on the whole world's economy, this infograph shows the way that the global GDP is formed. That risks disappointing the investors and business leaders descending on Davos for the World Economic Forum's annual meeting and who are already concerned by trade wars, the United States government shutdown and Brexit.

He told reporters at the White House: "Things are going very well with China and with trade".

The two sides have imposed tariff hikes of up to 25 percent on tens of billions of dollars of each other's goods in the fight over US complaints that Beijing steals or pressures companies to hand over technology. A dramatic slowdown in China's economy would, therefore, threaten the global recovery.

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China's population growth rate continued to slow in 2018, spelling possible trouble ahead as a swelling number of retirees pushes up against a shrinking labor pool.

Apart from government policies, he also sees a brighter future for the Renminbi after the yuan hit a 10-year low against the greenback in November 2018.

Ning added that China's economy remained "steady overall".

Exports held up through most of 2018 despite President Donald Trump's tariff hikes on Chinese imports in a fight over Beijing's technology ambitions.

The two officials would review the recent official-level talks on a host of issues to work out an agreement to end the trade war.

Experts have previously called into question the veracity of China's official economic figures. In 2017 it had grown by 6.8.

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With support measures expected to take some time to kick in, most analysts believe conditions are likely to get worse before they get better. Retail sales, a main gauge of consumption, rose 9 percent from one year earlier.

China's labour force fell by 4.7 million in 2018 - the seventh consecutive year of decline.

After the number of birth reached 17.86 million that year, the highest since 2000, the number of birth fell to 17.23 million in 2017.

"For the world´s second-largest economy, where trade accounts for one-third of GDP, this has an impact", he said, adding "downward pressure" on the economy has increased.

Trump has been pressing China to bring down the Dollars 375 billion trade deficit with the USA, which he attributes to unfair trade practices by Beijing. He pointed to "complicated and severe external environment", effectively acknowledging the effect of Washington's trade conflict. Both countries have slapped billions of dollars worth of tariffs on each other's goods and are now negotiating a deal to end the dispute. But exports contracted more sharply than forecast in December as the penalties began to depress demand. The population - at 1.39 billion in 2017, and the world's largest - could fall to 1.172 billion by 2065, it said.

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