China's economic growth among slowest in decades

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China's economic growth among slowest in decades
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BEIJING: China recorded one of its slowest rates of economic growth in decades last year, data showed Friday (Jan 17), as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.

BEIJING: China recorded one of its slowest rates of economic growth in decades last year, data showed Friday , as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.

The growth took place in the face of a"complicated and severe environment with increasing external pressures and internal difficulties", the NBS said.Retail sales, a key gauge of consumer sentiment, were up 3.5 per cent - a major slump from the 7.2 per cent growth recorded in 2023.The GDP growth rate is the lowest recorded by China since 1990, excluding the financially tumultuous years of the COVID-19 pandemic.

In a rare bright spot, official data showed earlier this week that China's exports reached a historic high last year. China's central bank has indicated in recent weeks that 2025 will see it implement further rate cuts, part of a key shift characterised by a"moderately loose" monetary policy stance. "China is suffering from a crisis of confidence, not one of credit; families and firms do not have the confidence in the economy to warrant borrowing, regardless of how cheap it is to do so," he wrote.One component of Beijing's newest policy toolbox is a subsidy scheme - now expanded to include more household items including rice cookers and microwave ovens - that it hopes will encourage spending.

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