China 2018 economic growth slows to 6.6%, a 28-year low

SINGAPORE (ICIS)–China’s economy registered a full-year 2018 growth of 6.6%, the lowest recorded in 28 years, official data showed on Monday.

Smoke billows from chimneys at a chemical factory in Tianjin, China (Source: View China Photo/REX/Shutterstock)

In the fourth-quarter of last year, growth in the world’s second-biggest economy, weakened to 6.4%, the slowest pace of expansion since the first quarter of 2009, according to the National Bureau of Statistics (NBS).

The services sector posted a 7.6% growth in 2018, while industry and agriculture posted an expansion of 5.8% and 3.5%, respectively.

The NBS said that the economic figures in 2018 remained reasonable and largely met expectations. China had set a target full-year GDP growth of 6.5% GDP for 2018.

Amid the economic slowdown partly caused by the US-China trade war that began in July 2018, the Chinese government has introduced a series of stimulus measures during the year, including the easing on monetary policies, tax cuts and subsidies to companies that do not lay off employees.

Further stimulus measures can be expected in 2019.

China is a major importer of petrochemicals in Asia.

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