Chinese dragon still coughing, records 30 year low GDP growth

Source :SIFY
Author :SIFY
Last Updated: Fri, Jan 17th, 2020, 17:41:29hrs
  • Facebook-icon
  • Twitter-icon
  • Whatsapp-icon
  • Linkedin-icon
Chinese dragon still coughing, records 30 year low GDP growth
Beijing: Data from China's official economic figures published on Thursday indicates that the Chinese dragon was still not as swift in 2019 as it was a few years ago.

Data published by National Bureau of Statistics on Friday shows GDP in 2019 growing at 6.1 percent.

The number was in line with the Chinese government's growth target of 6 - 6.5 per cent. GDP growth in 2019 is 0.5 percentage points less than growth posted in 2018 and remains the country's weakest growth almost since 1990.

Reasons attributed to the weak growth include weak domestic demand and the after-effects of a trade war with the United States. The annual report published by the NBS on Friday acknowledges the "mounting risks and challenges both at home and abroad" for the Chinese economy in 2019, which was marked by an upsurge in the trade war with US, and amid a global slowdown.

Recent data also shows that the world's second-largest economy ended the year on a firmer note as trade tensions eased, suggesting a raft of growth boosting measures over the past two years may finally be starting to take hold.

For China's ruling Communist Party the year is crucial in fulfilling goals of doubling GDP and incomes in the decade to 2020. The party has promised to turn China into a "moderately prosperous" nation. Here are key take-aways from China's GDP related data:

In the last quarter of 2019, the Chinese GDP rose 6 per cent year-on-year while in the previous three quarters it had increased by 6.4, 6.2 and 6 per cent, respectively.

In nominal terms, China's total wealth rose in 2019 to 99.09 trillion yuan ($14.41 trillion), which represents an increase of 7.8 per cent.

Retail sales in 2019 rose 8 percent.

Industrial output increased 5.7 percent for the year while in December it recorded the strongest growth in 9 months of 6.9 percent.

Fixed-asset investments grew 5.4 per cent.

Real estate investments grew by 9.9% in 2019 slowing from 10.2% in the first 11 months of the year.

New yuan loans have hit a record of 16.81 trillion yuan in 2019 with banks being encouraged to lend more.

Meanwhile, the growth rate for India has been projected at 5.7 percent for 2019-20.

Also Read:

China GDP figures are fudged: Russian Media

Phase 1 trade deal benefits US-China, world: Xi Jinping

US ends China's designation as currency manipulator

Trade war with US hampered 2019 foreign trade: China

  • Facebook-icon
  • Twitter-icon
  • Whatsapp-icon
  • Linkedin-icon