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China's fourth-quarter growth slowest since 1990

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  • Asian Market
  • 3 months ago
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China’s economic growth grew at its slowest pace since 1990 as fourth quarter GDP growth came in at 6.4% which is down from 6.5% the previous quarter.

However, there were some brighter notes as industrial output grew 5.7% in December, beating the forecasted figure of 5.3% and rising past the November figure of 5.4%.

Also, on the rise were retail sales as they advanced by 8.2% in December and beat the previous month figure of 8.1%.

Helen Zhu, head of China equities at BlackRock stated "What we're seeing in the fourth quarter is that, while the economy is decelerating, we actually still have some support from most of the quarters from the export front-loading."

Senior China economist at Capital Economics, Julian Evans-Pritchard said, "The official GDP figures have been too stable in recent years to be a good guide to China's economic performance."

"But for what it's worth, the headline breakdown suggests that service sector activity strengthened slightly last quarter."

Nevertheless, data is being closely watched for any damages from the current trade war although China’s statistics bureau believes the standoff with Washington has resulted in a manageable affect to the country’s economy.

Hence the attention will be focused on Chinese Vice Premier Liu who will head to Washington on January 30 to hold final talks with U.S. trade representative Robert Lighthizer.