China's National Bureau of Statistics released official figures on Friday. The figures come a day after the much anticipated first-stage trade agreement with the US.
This agreement has put an end to the 18-month-long trade war between the two countries. Due to this war, both countries had imposed a duty of 25 percent on export products worth up to $ 500 billion each other.
According to the bureau, China's economic growth rate was 6.1 percent in 2019, which is the worst performance since 1990. However, it has been within the range of the government's fixed target of 6 to 6.5 percent. However, from the government's perspective, the country's GDP increased to $ 14,380 billion in 2019, from $ 13,100 billion in 2018.
In the year 2018, the country's economic growth rate reached a low of 28 years. It was 6.6 percent. Earlier in 2017, it was 6.8 percent. According to the data, in 2019, China's per capita expendable income was 30,733 yuan ($ 4,461.95), an increase of 5.8 percent on an annual basis. Similarly, per capita, consumer expenditure in China increased by 5.5 percent year-on-year to 21,559 yuan ($ 3143.44) in 2019. China has set a target of doubling its urban and rural per capita income by 2010 by 2020. However, the authorities are relieved when the economy is above six percent, as Chinese President Xi Jinping had directed that the economy should not go below six percent. Going below 6 percent of GDP growth rate is considered psychologically sensitive. According to the bureau, China, the world's second-largest economy, had slowly lost its momentum in the first three quarters of 2019 and it stabilized at six percent in the last three months. Bureau Commissioner Ning Chize said that China's economy has maintained a steady pace of growth in 2019. He told a press conference here that it should also be kept in mind that the pace of economic growth is slow even at the global level. Ning Chize said that there are many reasons for instability and risk and the pressure on the economy is also increasing.
You must be logged in to post a comment.