China's GDP growth falls to three-decade low

Adjust Comment Print

China-US trade disagreements have a certain impact on the Chinese economy, but this influence is under control, Director of the Chinese National Bureau of Statistics (NBS) Ning Jizhe has stated.

The slowdown is adding to pressure on President Xi Jinping's government to settle its dispute with Washington.

China and the United States have been engaged in a trade war since US President Donald Trump announced in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. Other Chinese analysts were more dower. "That was a decline from the 6.5 percent year-over-year growth in the third quarter of 2018", adds the article. "We believe deregulating the property markets in big cities is the key to unlocking a growth recovery", said analysts from Nomura.

China´s exports to U.S. and the world also fell in December, reinforcing the need for its legions of domestic consumers to fuel the economy.

Forecasters expect Chinese growth to bottom out this year as Beijing's stimulus efforts gain traction.

China's workforce - those aged between 16 and 59 - was 897.3 million previous year, a 4.7 million drop from 2017, NBS data showed.

The slowdown was expected by economists. The nation's Parliament struck "family planning" policies from the latest draft of a sweeping civil code slated for adoption in 2020, the clearest signal yet that the leadership is moving to end limits on the number of children families can have. In December, sales grew 8.2%.

Per-capita consumer spending increased 6.2 percent year-on-year in real terms, reaching 19,853 yuan in 2018.

Читайте также: Brexit: Climbdown on £65 registration fee for European Union citizens living in UK

The 6.6 percent is above the official target of around 6.5 percent, according to the data by the NBS.

"China´s GDP number is not an accurate gauge of economic growth", said Raymond Yeung, economist at ANZ bank.

Even Li said in 2007, when he was Liaoning´s top political official, that results were often "man-made" and he used his own calculations to guide provincial policymaking, according to a confidential memo released by WikiLeaks.

"Growth will remain under pressure in the coming months", Louis Kuijs of Oxford Economics said in a report.

The US-based Conference Board, a widely respected global business think tank, said its methodology indicates growth of 4.1% for 2018.

The country's birth rate stood at 10.94 per thousand, the lowest since 1949 and down from 12.43 per thousand in 2017, data from the National Bureau of Statistics (NBS) showed.

"If we look at it from the point of view of economic data, it is generally accepted that the fourth quarter, as a rule, is most influenced by the worldwide situation".

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Comments