The official data shows that the economy of China is at it’d lowest point since 1990. As the domestic demand weakens and trade tensions arose with the United States.
According to the National Bureau of Statistics, economy of China grew by 6.1 percent last year, and this is considered to be the worst condition of the country in three decades. They added that in the first three-quarters growth stabilized at 6.0 percent, and they were gradually losing it in the last three months of 2019.
Ning Jizhe, the commissioner of the NBS, said that this should also be considered that the global economic and trade growth is even slowing down gradually. He added that the economy is facing “mounting downward pressure”.
The current data shows that last year China’s industrial production grew by 5.7 percent, down from 6.2 percent in 2018. Moreover, the retail sales growth is shown to be 8.0 percent, down from 9.0 percent in 2018.
These figures were released when President Donald Trump and Chinese Vice Premier Liu He signed a “phase one” agreement on Wednesday. There was a deal that included a pledge by China to purchase $200 billion worth of US goods over two years.
Louis Kuijs, head of Asia economics at Oxford Economics, noted that the slowdown of china’s economy is a “new normal” for them, and the only thing that they don’t want is a too-rapid slowdown.