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The Chinese economy in 2019 showed the weakest growth over the last 29 years

Asia / Business and Finance

the Second largest economy struggles with rising debt, a cooling of domestic demand and the negative effects from trade war with the United States.

The Chinese economy in 2019 showed the weakest growth over the last 29 years

China's Economy grew 6.1% in 2019, according to government data released Friday. This is generally consistent with the expectations of analysts, but it is also the weakest growth in the country in nearly three decades. In Beijing also said that in the fourth quarter, the PRC's GDP increased by 6%.

the Chinese Government planned growth in the range of 6% to 6.5% in 2019.

Chinese officials called the figures of GDP growth is a positive signal. Deputy Prime Minister Liu he, who was in Washington this week for signing a trade agreement with the United States, told reporters Wednesday that he is optimistic about the Chinese economy.

the US Tariffs on many Chinese goods continue to remain in force, and Washington have signaled that they will remain a form of leverage over Beijing as both sides agree on the next phase of their agreement.

Beijing also agreed to buy goods of the United States at hundreds of billions of dollars in the transaction. But there are doubts about the ability of China to fully implement its promises. This is especially true of steel and other goods in China are much less than in the United States.

Analysts from Citi, Nomura and Invesco said that China will not be easy to achieve commitments for imports of goods and services from the United States.

According to the National Bureau of statistics, published in paticipiate steel in China in 2019 amounted to 996,34 million tons, which is 8.3% more compared to the previous record in 2018. In December, steel production in China grew by 12% yoy to 84,27 million tons, which is the highest rate since August.

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