China GDP growth at 3-decade low in 2019

In 2019, China’s economy grew at the slowest pace in 30 years.

The National Bureau of Statistics data reveals that for the whole of 2019, China GDP slowed to 6.1%  - the weakest annual growth rate since 1990.  In 2018, it was 6.6%.

However the 2019 growth rate was expected by analysts polled by Reuters.

Beijing’s official target rate for 2019 was 6% to 6.5%. Chinese Vice Premier Liu He said on Wednesday that GDP growth in 2019 was estimated to have grown more than 6% (as reported in Reuters ).

The nation’s fourth quarter GDP grew 6.0% on-year, quite in line with what analysts polled by Reuters had anticipated.

Following the early December announcement of a Phase One trade agreement between the U.S. and China, business confidence might have improved. For instance, fourth quarter factory activity in China rose 6.9% -- a point above analysts' forecasts.  

However, there might be some uncertainties over the degree of commitment from either party towards meeting all conditions of the US-China Phase One deal. Also, China still faces tariffs on $250 billion of its exports to the U.S.