Economic growth in China falls to 30-year low

17 Jan 20

Growth in China’s economy slowed last year to its weakest level since 1990, as the long trade war with the US continued to bite.

Official data released today showed growth was 6.1% in 2019, down from 6.6% the previous year, continuing a downward trend that has existed since 2010.

The National Bureau of Statistics of China said this was still within the government’s target range and showed “major progress” had been made in China’s ‘three critical battles’, preventing financial risks, tackling poverty and reducing pollution.

“Generally speaking, the national economy in 2019 has sustained the general stable momentum by pursuing progress while ensuring stability,” the bureau said in a statement.

“However, we should also be aware that the global economic and trade growth is slowing down, the instability sources and risk points are increasing, the structural, systematic and cyclical problems at home are intertwined and the economy is facing mounting downward pressure.”

Experts believe the 2020s could bring more slowdown: the IMF projects growth will drop to 5.8% this year and reach as low as 5.5% in 2024.

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