China GDP growth last year was 6.1%, lowest rate for 29 years
Updated: 2020-01-17 16:55:47 KST
China's economic growth sunk to the lowest level in three decades in 2019.
China's National Bureau of Statistics announced on Friday that the country's economy grew by 6.1 percent in 2019, the lowest growth rate since 1990.
The latest figure did meet the Chinese government's target range of between 6 percent and 6.5 percent, but it was still below the market expectation of 6.2 percent.
Battered for two years by the Trump administration's tariff hikes, Beijing has struggled with weak domestic demand and admitted that its economy faces "downward pressure" and "instability sources and risk points."
Despite such struggles and uncertainties, it was the Chinese government's fiscal and monetary policies that helped reach its goal in the end.
"So even though the economy itself has slowed, the government policies were able to help China growth rate not fall as much as a lot of people feared."
The country's economy does not seem too bright either in the new year. Some analysts expect the growth rate to be as low as last year or even lower.
"China still suffers from some internal problems as the Chinese economy is becoming more advanced and even though there is a trade agreement there are also tariffs on most of Chinese exports to U.S."
Like the expert said, uncertainties still remain over whether recent developments on the trade deal will continue.
However, in response to such lower growth rates last year, Beijing is expected to roll out yet more ambitious policies and proactive measures to boost the country's growth.
Kim Dami, Arirang News.