China’s 2018 GDP growth slowest in 28 years

Commercial and residential buildings stand in the Luohu district of Shenzhen, China, on Wednesday, Dec. 18, 2013. New home prices in Chinas four major cities rose, with the southern business hub of Shenzhen posting the biggest gain in almost three years, as property measures by local governments failed to deter buyers. Photographer: Brent Lewin/Bloomberg via Getty Images
China’s economy grew 6.6 percent in the year 2018, the slowest annual expansion in 28 years, official data showed on Monday. Gross Domestic Product (GDP) of the world’s No. 2 economy was down from the 6.8 percent growth in 2017, the National Bureau of Statistics said on its website.

The index was the lowest since 1990, when it grew only 3.9 percent, as China faced international sanctions in the wake of the Tiananmen Square massacre. But it was still above the government-set 2018 growth target of around 6.5 percent. In the final quarter of last year, China’s GDP expanded 6.4 percent, down from the 6.5 percent growth in the third quarter.

“The country’s economy has performed within a reasonable range in 2018, with economic growth being generally stable and improvement achieved in performance,” Ning Jizhe, bureau head told a press conference in Beijing, according to state-run Xinhua News Agency.  “Contributing to nearly 30 percent of the world’s economic growth, the country’s economy has remained the largest contributor to global economic growth,” Ning said.

Looking ahead, Ning Jizhe said China may face a more complicated and tough external environment for development in 2019, but the country has the foundation, condition, confidence and capability to keep economic growth within a reasonable range, ensuring sustained and healthy economic development.