China's GDP Growth Slows to Lowest Rate in 29 Years

By Ryan Gandolfo, January 17, 2020

0 0

On Friday, the National Bureau of Statistics released data on China’s economy in 2019, with the nation’s gross domestic product (GDP) growing 6.1% last year – the lowest rate since 1990, Financial Times reports. The growth rate was 0.5% lower than GDP growth recorded in 2018.  

Last year’s figure still managed to hit the Central Government’s target range of between 6-6.5% set out in early 2019, with the first two quarters of 2019 recording 6.4% and 6.2% growth, respectively. In addition to Beijing growth targets, reported GDP growth lined up with expectations from the International Monetary Fund (IMF) and the World Bank, as cited by South China Morning Post.   

In 2019, GDP totaled RMB99 trillion, with more than half of the total coming from the service sector. In addition to GDP figures, the data shows retail sales in China grew by 8% last year, with online retail sales’ growth rising by more than 16% in 2019.

In the report, the National Bureau of Statistics notes that the Central Government is doing a good job in keeping areas such as employment, finance, foreign trade and investment, among other areas, stable as the country faces increasing risks at home and abroad.

The data comes just two days after China and the US signed the first phase of a long-awaited trade deal, with the US pledging to cut back on tariff rates imposed last September in exchange for China’s pledge to purchase more US products, particularly in agriculture and manufacturing sectors.

[Cover image via Pixabay]

more news

People Are Being Tied up for Not Wearing Masks in China

Workers tasked with enforcing the strict new measures seem to be doing it by any means necessary.

5 Takeaways from AmCham Survey on Coronavirus Impact in South China

A majority of the member companies believe that their revenue will be impacted as a result of the disease caused by the novel coronavirus (COVID-19).

UPDATE: Stereolab Latest to Cancel China Tour After Coronavirus Outbreak

A number of high profile music tours have been canceled in the wake of the outbreak of the novel coronavirus in China.

How to Navigate China’s Paperless Train Ticketing System

Train stations across China are phasing out paper tickets. Here’s a comprehensive guide on how foreigners can navigate the e-ticket system.

One Confirmed Dead in China’s Pneumonia Outbreak

The deceased patient, a 61-year-old man, died on Thursday night of severe pneumonia.

Second Death Confirmed in China’s Pneumonia Outbreak

The 69-year-old patient was also from Wuhan.

17 New Coronavirus Cases Reported in China

Three of the cases are reported in critically ill while the rest are in a stable condition.

Your Ultimate Guide to Avoiding the New Coronavirus in China

We took to the good ol’ World Wide Web to see what precautions experts are recommending to avoid catching the disease.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives

Get the App. Your essential China city companion.