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China's GDP grew 6.1% in 2019, meets official target
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IANS | 17 Jan, 2020
China's gross domestic product (GDP) grew by 6.1 per cent in 2019,
meeting the government's growth target of 6-6.5 per cent, according to
data published by the National Bureau of Statistics (NBS) on Friday.
However,
the figure sits 0.5 percentage points less than the growth posted in
2018 and is the country's weakest growth since 1990, highlighting the
slowdown of the Chinese economy, reports Efe news.
In the last
quarter of 2019, the Chinese GDP rose 6 per cent year-on-year while in
the previous three quarters it had increased by 6.4, 6.2 and 6 per cent,
respectively.
China's economy continues to decelerate after
beginning to slowdown in 2018 after witnessing, in the previous year,
the first acceleration for the economy since 2010.
The Chinese
authorities are talking about a change in the country's economic model
from one based on manufacturing and rapid growth to one geared towards
consumption and high-quality growth.
The annual report published
by the NBS on Friday acknowledges the "mounting risks and challenges
both at home and abroad" for the Chinese economy in 2019, which was
marked by an upsurge in the trade war with US, and amid a global
slowdown.
In nominal terms, China's total wealth rose in 2019 to
99.09 trillion yuan ($14.41 trillion), which represents an increase of
7.8 per cent.
Meanwhile, retail sales last year rose 8 per cent
while industrial output increased 5.7 per cent and fixed-asset
investments grew 5.4 per cent.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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