Logo
Monday, 06 February 2023
Logo
The News and Media Division of The Insight Partners
Monday, 20 Jan 2020 01:00 pm

Growth in the World’s Second Largest-Economy Cooled to a Near 30-Year Low of 6.1%

Growth in the world’s second largest-economy cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United States, and more stimulus is expected this year as Beijing tries to boost sluggish domestic demand.

newsImage
 

China is confident of maintaining steady industrial growth this year despite big pressures on the sector, underpinned by tax cuts and broad policy support, Minister of Industry and Information Technology Wei said on Monday.

The country’s industrial output topped expectations in December by growing 6.9% from a year earlier, the strongest pace in nine months, bringing full-year 2019 expansion to 5.7% - within the government’s target of 5.5-6.0%.

Growth in the world’s second largest-economy cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United States, and more stimulus is expected this year as Beijing tries to boost sluggish domestic demand.

“Looking forward to 2020, industrial development faces many difficulties and risks,” Miao told a news conference. “The pressure on stabilizing industrial growth is still big.”

But the government will be able to “ensure the smooth operation of the industrial economy” this year as big tax cuts and policy efforts to ease corporate funding strains have started to gain traction, he said.

Beijing will continue to implement tax and fee reduction measures this yeas, focusing on the manufacturing sector, Miao said without giving details.

The government has said its tax and fee cuts exceeded 2 trillion yuan ($292.03 billion) in 2019.

China will increase investment in research and development and use other policy incentives to help promote innovations and upgrade the manufacturing sector, Miao said.

China welcomes foreign firms to participate in the building of its 5G networks and opposes politicizing the technology issue, he said, in an apparent criticism of Washington’s moves against Huawei, the world’s largest maker of mobile networking equipment.

Washington is trying to persuade Britain not to use Huawei equipment in the upgrade of its telecoms network.

Read here

Tags China Manufacturing United States Trade War Economy 5G networks

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

media@smartmarketnews.com | sales@smartmarketnews.com

Contact Us
Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter

A PHP Error was encountered

Severity: Notice

Message: Undefined index: csrf_token

Filename: include/footer.php

Line Number: 149

Backtrace:

File: /home/smartmarketnews/public_html/application/views/include/footer.php
Line: 149
Function: _error_handler

File: /home/smartmarketnews/public_html/application/views/news_details.php
Line: 798
Function: view

File: /home/smartmarketnews/public_html/application/controllers/News_controller.php
Line: 227
Function: view

File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once

">
Follow Us:
© The News and Media Division of The Insight Partners 2019 | All Rights Reserved | Privacy Policy