Chinese economy records weakest growth in 29 years

Economic growth in China slowed to its weakest level in nearly 30 years during 2019, affected by the trade war with the United States, but the truce has revived business confidence, especially after the signing of the first stage agreement of the trade deal.

Data from the National Bureau of Statistics of China today showed that China's GDP slowed to 6.1% in 2019 compared to 6.6% recorded in 2018, the weakest pace of growth since 1990 but the reading remains strong according to global standards and within the government's target range.

The data also showed that industrial output grew 6.9% in December on an annual basis, which is the strongest pace in nine months, retail sales increased by 8.0% in December, and investment in fixed assets increased by 5.4% for 2019 from January to December