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BEIJING: China's economy grew at its slowest pace in nearly three decades in 2018, losing more steam in the last quarter as it battles a massive debt pile and a United States trade war, official data showed Monday.
The report by the National Statistics Bureau said the world's second largest economy grew at a 6.6 percent annual pace previous year, the slowest since 1990, as slowing demand and a trade war with the USA bit dragged on business activity.
Beijing has also said it will pass other measures to stimulate growth, including cutting taxes and making it easier for banks to lend.
Communist leaders are trying to steer China to slower, more self-sustaining growth based on consumer spending instead of trade and investment. "The Chinese economy's resilience and ability to resist shocks and the long-term trend of stability has not and will not change", Ning Jizhe, commissioner of the National Bureau of Statistics, told reporters in Beijing.
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We have to go to Old Trafford too and try to win there. "We can do what we can do but for Liverpool v United we can do nothing". Huddersfield made six changes for the game but did manage to match reigning English champions City early on.
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Growth in property investment in China cooled to the second slowest pace in 2018 in December, adding to signs of a further slackening in the real estate market in a blow to a key driver economic growth.
Retail sales growth slowed to 9.0 per cent, down from a 10.2 per cent increase the previous year. Both exports and imports fared worse than expected in December, according to the figures released Monday by the General Administration of Customs (GAC). In December, gauges of consumption and factory output accelerated, while investment held up.
"A key downside risk to the Chinese growth outlook will be if the U.S". Last year, US President Donald Trump imposed tariff hikes of up to 25 per cent on Dollars 250 billion of Chinese goods. Washington is pressing China to roll back plans for state-led industry development that its trading partners say violate its market-opening obligations.
But the deceleration has been sharper than expected, prompting Beijing to step up government spending and order banks to lend more to shore up growth and avoid politically risky job losses. Business groups and economists said a decision by Liu and his American counterpart, Robert Lighthizer, to get directly involved would suggest earlier talks by lower-level officials made progress. The government's control of that process is being tested by the standoff with U.S. President Donald Trump over trade at a time when the global expansion is already looking shakier.
Employment remained stable, with more than 13 million new jobs created in urban areas past year and the surveyed urban unemployment rate standing at 4.9 percent in December.