China posts weakest annual growth in 29 years as trade war torments

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China posts weakest annual growth in 29 years as trade war torments

On Friday, the 17th of January 2020, data released from the Chinese National Bureau of Economics, had unfurled a debarkation of another set of disdainful economic data, as in 2019, China’s economy grew at its lowest pace in roughly three decades in context of a lacerating trade war with the United States, the world’s largest economy, while amid a number of competing narratives, Beijing was expected to inject further monetary stimulus and to open up its economy further to global businesses in a bid to ramp up sluggish demand and investment as it had pledged on “Phase One” Sino-US trade deal.

Despite a growth rate of 6.1 per cent last year, which was down from a GDP growth of 6.6 per cent in 2018, China’s Government data released on Friday (January 17th) had also revealed that the world’s No. 2 economy had witnessed a much smoother ending of 2019 following a rough and rugged ride throughout the year.

Meanwhile, as China, which had recently signed off a “Phase One” trade deal with the United States to mead a momentary pause at its 18-month long trade spat with Washington, reckoning China might witness a GDP growth below 6 per cent level over the coming months, a chief economist at Sony Financial Holdings in Tokyo, Masaaki Kaano said earlier on Friday (January 17th), “…economy is unlikely to fall abruptly because of ...

government policies, but at the same time the trend of a further slowdown of the economy will remain unchanged. ”