China’s economy last year grew at the lowest rate since 1990, highlighting the domestic challenges facing Beijing despite a truce in its painful trade war with the US, reported the Financial Times.
Gross domestic product grew 6.1% in 2019, hitting analysts’ expectations but also revealing an economy under pressure from weak consumer spending, rising unemployment and problems in the banking system. Growth between October and December, however, reached 6%, lower than some economists had expected.
The National Bureau of Statistics noted on Friday morning that China’s economy had “sustained the general momentum” during a difficult period but warned of risks involving “structural, systematic and cyclical problems at home.”