China's economic growth sinks to 3-decade low in 2018

23 January, 2019, 07:57 | Author: Kevin Carter
  • Land Rover has axed jobs as a result of dropping Chinese consumption

Data on Monday showed fourth-quarter economic growth cooled to 6.4 percent on-year, the weakest since the global financial crisis.

It also marks the lowest official birth rate in China since 1961 (11.87 million), the previous year of China's great starvation, during which millions of people starved to death and the birth rate plummeted.

'The resilience of the Chinese economy derives from stable macroeconomic policies (.) At the micro level, China's decision makers pay more attention to the pro-cyclical and counter-cyclical adjustment, ' Xinhua news agency reported.

It's believed that debt cleanup and trade woes played a considerable part in China's slow growth in the last quarter.

India, the world's second most populous nation, has also been experiencing slower population growth. Referring to the U.S. trade war, he pointed to a "complicated and severe external environment" but then sought to issue a reassurance that "the economy overall is driven by domestic demand".

There are also many doubts about the consistency and veracity of Chinese statistics, given that the governments of many provinces tend to inflate results.

The number of children born in China declined for the second straight year in 2018 despite the country relaxing its one-child policy two years ago, government data released on Monday showed. The speech by Xiang Songzuo, which AsiaNews will publish in the next few hours, has been censored on the internet.

He told reporters at the White House: "Things are going very well with China and with trade". They note the government's move on Friday, just ahead of Monday's data release, to cut the 2017 growth rate to 6.8% from 6.9%, which they said provides a slightly lower base, giving a slight boost to the fresh 2018 data.

Signs of China's falling population growth had emerged when data released by some local authorities indicated a significant drop in births a year ago.

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That dragged full-year 2018 growth to 6.6 percent, the weakest in 28 years. This would mean a slight downgrade on the objective past year of growth of "about 6.5 percent".

Given the slowdown, China's policymakers are looking to improve domestic consumption as they look to shift from an export-led growth regime.

The number of babies born in 2018 fell by two million to 15.23 million, raising fears an ageing society will pile further pressure on an already slowing economy.

Forecasters expect Chinese growth to bottom out this year as Beijing's stimulus efforts gain traction.

The move prompted China to increase tariffs on Dollars 110 billion of U.S. goods.

Analysts warn that a slowdown in China could seriously affect global growth, especially since many economists suspect that the real figure is around half what Beijing reports. The population, which was 1.39 billion in 2017, could fall to 1.172 billion by 2065, it added.

Employment remained stable, with more than 13 million new jobs created in urban areas past year and the surveyed urban unemployment rate standing at 4.9 percent in December.

The National Bureau of Statistics projected that the economic growth curve will continue stable and within a reasonable range in 2019 because a massive rebound in domestic consumption, the technology sector and innovations is expected.



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