News Buzz

Chinese GDP growth at 30-year low

The Chinese economy grew at its slowest in almost three decades in 2019 at 6.1%, under the impact of the damaging trade war and weak investment scenario. Fourth quarter GDP growth stood at 6% YoY. However the economy ended the year a bit stronger with easing of trade tensions. The Communist Party has set a target of doubling GDP and incomes over the decade to 2020, and turning
China into a “moderately prosperous” nation. “I think it (the apparent stabilisation of growth in the fourth quarter) is sustainable,” said
Louis Kuijs of Oxford Economics in Hong Kong. He emphasised, “We have seen improvement in industry. We have seen efforts (from policymakers) to make sure the economy continues to grow, especially efforts in the financing of infrastructure.” According to policy sources, Beijing plans to set a lower GDP growth target of around 6% in 2020 from 6-6.5% in 2019.