The southern manufacturing city of Guangzhou fell short of its annual growth target for 2018 by 1%, flagging further weakness in key areas of the Chinese economy, the South China Morning Post reports.
Announcing the figures in its annual work report, the Guangzhou local government said that China’s fourth-largest city grew 6.5% last year, compared with its goal of 7.5%.
City Mayor Wen Guohui pointed to weaker exports and slowing private sector investment as main causes.
As an export hub, Guangzhou has been exposed to impacts on trade from tensions with the US. The city’s foreign trade volume grew just 1.2% in 2018, the government said.
Guangzhou, along with 11 other provinces and municipalities across China, lowered its growth target in light of the latest figures.