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China's economic growth slows to 6.1pc in 2019, near three decade low


CHINA's economy grew 6.0 per cent in the fourth quarter of 2019 from a year earlier, official data showed, in line with expectations and steadying from the previous quarter's pace.

The growth rate continued to hover at the weakest in nearly three decades. China's economy grew an annual 6.1 per cent in 2019, the slowest in 29 years, but still within the government's target of 6-6.5 per cent. Analysts had expected it to expand 6.1 per cent in 2019, down from 6.6 per cent in 2018.

With sluggish demand at home and abroad and escalating US trade pressure, Chinese policymakers have been rolling out a stream of growth boosting measures over the past two years, while trying to contain financial and debt risks, reports Reuter.

Michelle Lam, greater China economist at Societe Generale, Hong Kong, said: "It was the receding damage of the trade war that has supported the stabilisation of GDP growth in Q4. In consumption, retail sales growth is also stabilising, showing that the spending momentum is still pretty resilient despite downward pressure on labour market.

"One downside risk (to 2020 growth) is property investment (slowing). It contributed towards strong land sales in 2018 and construction activity in 2019. But a large part of that was sold in advance, whereby real estate companies do not deliver houses until two to three years later."

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