China posts lowest growth level in 28 years at 6.6% for 2018
New preliminary figures out of Beijing show China's growth rate plummeted to a near 30-year low in 2018.
The Chinese government blamed trade tensions with the U.S. for the poor scorecard,... but officials there still insist they are optimistic about the country's economy.
Kim Ji-yeon reports.
Preliminary data from China's National Bureau of Statistics released on Monday... show that the growth rate of the world's second-largest economy expanded by 6-point-6-percent last year... the lowest level since 1990.
China's fourth quarter gross domestic product grew 6-point-4-percent... the slowest pace since the 2008 global financial crisis.
Although the Chinese economy is facing a downward pressure... the statistics agency says the growth rate has remained steady overall... pointing to a near 6-percent on-year increase in industrial output, while retail sales soared by more than eight-percent in December compared to a year earlier.
"Initial calculations show that the annual GDP was around 90-trillion Chinese yuan. According to comparable prices, Chinese economy grew by 6-point-6-percent over the previous year and has achieved the expected growth goal of around 6-point-5-percent."
The agency added China's trade dispute with the U.S. has affected the growth rate but added the impact was "manageable".
It says Beijing was already trying to manage a slowdown under its new economic model, ... even before the trade row with Washington, by focusing more on high-tech, high-productivity and shifting away from resource extraction and low-wage manufacturing activities.