Chinese economic growth tanks to three-decade low

Chinese economic growth tanks to three-decade low

Beijing: China’s economy grew at its slowest pace in almost three decades last year, with the world’s second largest economy logging a growth of 6.6 per cent in 2018. After witnessing a sizzling double-digit growth for three decades, the Chinese economy has been on a downturn over the years as the country deals with bad debts and a decline in exports.

The bruising trade war with the US seemed to have proved another drag on the slowing Chinese economy.

China’s National Bureau of Statistics (NBS) said the economic growth of 6.6 per cent in 2018 was above the official target of 6.5 per cent. Growth in the fourth quarter came in at 6.4 per cent, down from 6.5 per cent seen in the third quarter, the NBS data showed. The country’s economy has performed within a reasonable range in 2018, with economic growth being generally stable and improvement achieved in performance, said NBS head Ning Jizhe at a press conference. (IANS)

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