Second largest economy: China’s economy is growing by five percent

Second largest economy: China’s economy is growing by five percent

Second largest economy
China’s economy is growing by five percent






The Chinese economy is sputtering. The growth target set was achieved last year. But the next challenge is already looming with Donald Trump in the White House.

According to official figures, China’s economy grew by five percent last year. This was announced by the Beijing Statistics Office. This means the government’s growth target of “around five percent” was achieved. According to the information, the second largest economy grew by 5.4 percent in the fourth quarter. In the previous three quarters it had grown by 5.3 percent, 4.7 percent and 4.6 percent since January.

The country’s economy has recently suffered primarily from the crisis in the real estate market and weak domestic consumption. Beijing has done a lot to stimulate the economy. But economists warned that further aid was necessary to give the economy new impetus.

China’s economy is facing new pressure under Trump

The inauguration of Donald Trump in the USA could now threaten further headwinds. The US President-elect has already threatened China with new tariffs that would burden mutual trade. Trump started a trade war with Beijing in his first term in office.

“A significant improvement in the economic situation in China is not expected in 2025 either,” said economist Max Zenglein from the Merics China Institute in Berlin.

The Chinese government’s growth target for the current year will be announced in March when the People’s Congress meets for its annual session.

dpa

Source: Stern

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