GDP reached more than $13 billion after revision last year
That may sound like good news, yet even so the Chinese economy grew slowest since global financial and economic crisis in 2009.
Macroeconomic data revision after such a long time is nothing unusual in China. The situation was similar in 2017, when the original economic growth of 6,8% to 6,9%. The data adjustment for last year probably won’t influence much the GDP forecasts for this year. Its speed in third quarter dropped to 6% according to preliminary estimates. Such an outcome would be the lowest level since 1992.
China made a commitment to double its economic performance between 2010 and 2020. To be able to fulfill this, the country would need the keep its growth speed above 6% not only this year, but also next (that is the final) year of the decade. Nevertheless, the Chinese economy is expected to slow down under the level on 6% new year according to forecasts of global economic institutions. The economy is influenced by slowdown in domestic demand and the US-China trade war. Therefore, outcomes of negotiations between the two countries will be important.
