Home » Money

China growth slowest for almost 30 years

23 January, 2019, 10:10 | Author: Lawrence Cooper
  • Economic activity suffered a sharp drop in the fourth quarter of last year

BEIJING: China's economy grew at its slowest pace in nearly three decades in 2018, losing more steam in the last quarter as it battles a massive debt pile and a U.S. trade war, official data showed Monday.

China's economy expanded by 6.6 percent past year, according to official data.

Gross domestic product rose 6.4 per cent in the fourth quarter from a year earlier, matching economists' estimates, and compared with 6.5 per cent in the previous three-month period.

Growing signs of weakness in China - which has generated almost a third of global growth in the past decade - are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers.

Last July, a top political advisory body warned that China's labor supply will fall by 100 million every 15 years after 2020, urging the government to enact more incentives for having children.

Last December China's exports fell to United States dollars 221.5 billion registering biggest plunge in two years amid the trade war with US. For 2018 as a whole the country's GDP expanded by 6.6%, which was the lowest rate since 1990.

Trade negotiators are facing an early March deadline and Washington has threatened to sharply hike tariffs on Chinese goods if there are no substantial signs of compromise from Beijing.

Growth in investment, retail spending and factory activity all declined, though analysts pointed to a flicker of improvement in manufacturing in December.

Serena Williams vs Simona Halep, Australian Open 2019
Halep was up against Venus Williams in the third round at Melbourne Park and powered her way to a 6-2 6-3 victory in the match. Williams has yet to drop a set since beginning play at the Australian Open. "At the same time I would love for Venus to win".

Large Swath of US Prepares for Major Winter Storm System
The storm was expected to bring up to 10 inches (25 centimetres) of snow to the Midwest before walloping the Northeast on Sunday . Temperatures in many places could be in the single digits and in the negative degrees with the windchill factored in.

Donald Trump honors return of four Americans killed in Syria
As a member of the Senate Armed Services committee, the Senator has frequently visited U.S. troops in combat zones. Trump last weekend warned of devastating economic consequences for Turkey over any attack on Kurdish forces.

Communist leaders are trying to steer China to slower, more self-sustaining growth based on consumer spending instead of trade and investment. "There may be some more uneven growth along the way, but the hi-tech industries, the high value-added ones, also have the advantage of being relatively less credit dependent than the older industries which have become the zombie companies of today", said Mann.

The number of people aged over 60 now constitute 17.9% of the Chinese population, adding to its demographic challenges and fuelling fears that the country might be headed towards economic stagnation like Japan.

China's economy is closely watched internationally, as many worldwide corporations consider it a key market in reaching their own growth targets.

Most analysts polled by Reuters at the beginning of this year believe the yuan will weaken below 7 within six months.

This decline, which follows trends seen in other East Asian countries after decades of urbanization and development, comes despite efforts to encourage couples to have more children, including the relaxation in 2016 of population controls.

Trump said Saturday that trade relations with China were "going very well" and "a deal could very well happen".

Meantime, a downturn in iPhone sales in China has hurt Apple Inc.'s share price this month and raised question marks over whether the consumer can keep cushioning the economy's re-balancing. The People's Bank of China has been quietly guiding interbank borrowing costs down without actually cutting official interest rates, and the fiscal authorities have pressed on with tax cuts and expedited government bond sales, among other policies.



Chinese University Fires Scientist Behind Gene-Edited Babies
They also said that He, his staff and organisations related to his project would be punished according to laws and regulations. He, the scientist, said the twins' DNA was modified using technology known as CRISPR-Cas9 to alter the embryonic genes.

New York's Gillibrand Takes First Step Toward Presidential Race
On a chilly January morning, at a roadside diner she called her favorite, Senator Kirsten Gillibrand made her White House pitch. Now a high-profile progressive in the Senate, Gillibrand first entered Congress in 2007 as a moderate upstate Democrat.

What we know so far about Trump Tower project for Moscow
The next day, Giuliani walks back his comments , saying they "did not represent the actual timing or circumstances of any discussions".

Mexico: Deadly blaze erupts at illegal fuel pipeline
Dozens of people were scrambling to fill containers with the leaking oil when they were engulfed by a massive fireball. But there aren't enough trucks, and long lines continued on Wednesday at gas stations in several states.

English Premier League match report Fulham v Tottenham Hotspur 20 January 2019
Fulham are a team that needed to win and show their quality and of course we struggled a little bit from set pieces. Aleksandar Mitrovic headed home the rebound, but the offside flag was raised against the Serbian striker.

Winter Storm In The Northeast Affecting Air Travel At South Florida Airports
The Albany area saw anywhere from 10 to 15 inches, with up to 18 to 20 inches in the higher elevations of the Adirondacks. James Spanos pushes a cart of his belongings on a snow-covered street during a winter storm, Sunday in Portland, Maine.

Greg Hardy disqualified from UFC debut for illegal knee strike
All eyes were on this bout after Ostovich was almost forced off the card due to an alleged assault at the hands of her husband. Hardy was convicted of domestic abuse in 2014 but the charges were later dropped when the victim failed to appear in court.

Bouchard back? Former Wimbledon finalist is in form ahead of Serena showdown
The 23 times Grand Slam victor was spotted in a turquoise romper while playing at the Australian Open . It's clear: There is no one who can match Serena Williams when it comes to style on the tennis court.

Sensational Serena Williams demolishes Eugenie Bouchard to breeze into third round
Yastremska was born in 2000, the year after Williams won her first Grand Slam title. Williams beat Bouchard easily to book her spot in the third round.

Tsitsipas leads 'Next Gen' charge against Federer
At 4-5 in the third, Tsitsipas forced his first two break points of the entire match but Federer weathered that storm. So much respect for him. "Roger is a legend of our sport, he showed such good tennis over the years.