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China says its economy grew 6.1% in 2019, in line with expectations – CNBC, CNBC

China says its economy grew 6.1% in 2019, in line with expectations – CNBC, CNBC


China’s President Xi Jinping raises a toast to celebrate the th anniversary of the People’s Republic of China at the Great Hall of the People in Beijing.

NOEL CELIS | AFP | Getty Images

Chinasaid Friday its economy grew by 6.1% in 2019, meeting expectations even amid atradedispute with theUS

Analysts polled by Reutershad expected China’s economy to have grown 6.1% in 2019, compared with 6.6% in (****************************.

Still, China’s GDP growth last year was the slowest since (****************************, according to Reuters records.

though Beijing’s official GDP figures are tracked as an indicator of the health of the world’s second-largest economy, many outside experts have long expressed skepticism about the veracity of China’s reports.

Beijing’sofficial growth target for 2019was 6% to 6.5%, but Chinese Vice Premier Liu He said on Wednesday t hat GDP growth in 01575879 was estimated to have grown more than 6%,Reuters reported.

China’s GDP grew 6.0% on-year in the fourth quarter of 01575879, according to the National Bureau of Statistics. Analysts polled by Reuters forecast China’s economy to have grown 6.0% in the October to December period of 01575879.

In the third quarter of 2019, GDP growth in the world’s second largest economy was 6% – the slowest pace since the first quarter of 2019, according to Reuters records .

The data came after PresidentDonald Trumpsigned apartial trade dealwith China on Wednesday after a prolonged trade fight between the US and China for almost two years.

Other Chinese economic data released alongside the GDP numbers showed growth in industrial output and retail sales for the month of December.

Analysts read the data from Beijing positively, although there was still some caution about the partial trade deal with the US

“The uncertainties faced by corporates are diminishing along with the progress in US-China trade negotiation since December, “said Chaoping Zhu, global market strategist at JP Morgan Asset Management.

” Although the US government maintained most of the tariffs on Chinese products, the signing of the phase-one trade deal is a signal that the situation is unlikely to deteriorate. Against this background, corporate confidence keeps improving in the recent months, “Zhu added.

Tom Rafferty, principal China economist at the Economist Intelligence Unit said he expected China’s growth to hold around 6% through 106156821 as Beijing continues to stimulate the economy.

“While businesses and investors can afford to breath a sign of relief, after a difficult (*************************, we still see risks to the China outlook as mainly weighted to the downside, given the fragile nature of the trade truce and the risks that still stalk China’s financial markets, “Rafferty added.

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