In the News: 2018 GDP Growth, US-China Trade Deficit, and Shenzhen Bankruptcy Court
January 22, 2019 | BY
Jacelyn JohnsonChinese economic growth hits 28-year low; report reveals China's plan to eliminate trade deficit in six years; and Shenzhen launched a new bankruptcy court.
China Reports Slowest GDP Growth in 28 Years at 6.6%
China's National Bureau of Statistics (NBS) released its preliminary estimation of 2018's gross domestic product at $13,245 billion, a year-on-year growth of 6.6%, just above the targeted growth of 6.5%, making it the slowest growth rate over the last 28 years.
The NBS reported a slow yet stable growth of 6.2% year-on-year of China's industrial output, down from 2017's 6.6%, showing a surge in the output of railway passenger cars with a year-on-year growth of 183%, while new energy vehicles recorded an increase of 40.1%. Other expanding industries include high-tech industries (11.7%), strategic emerging industries (8.9%) and the equipment manufacturing sector (8.1%). Industrial output is used to measure the activities of large enterprises with an annual turnover of at least $2.9 million.
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