Summary
- China’s economy recorded 5% growth last year, meeting the Chinese government’s target.
- Analysts said exports supported growth despite the property downturn, unstable employment, and weakened consumer sentiment.
- China’s leadership is expected to focus more this year on boosting domestic demand, including rate cuts and measures to revive the property market.
Forecast Trend Report by Period
China’s economy posted 5% growth last year. While growth in the fourth quarter slowed to 4.5%, the country met the Chinese government’s full-year target.
Gross domestic product (GDP) in the fourth quarter of last year, released by China’s National Bureau of Statistics on the 19th, rose 4.5% from a year earlier. The figure matched market expectations (4.5%).
Although it clearly cooled from the third quarter’s growth rate (4.8%), the economy achieved 5% growth on a full-year basis.
Analysts say solid exports helped underpin last year’s growth despite the property downturn, unstable employment and weakened consumer sentiment.
However, with China’s domestic demand flashing warning signs, the leadership is expected to place greater emphasis this year on boosting domestic demand. Expectations are growing for a series of moves, including rate cuts and measures to revive the property market.
Beijing=Correspondent Kim Eun-jung kej@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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