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China's economic growth hits a 28-year low

Video Credit: Reuters Studio - Duration: 01:34s - Published < > Embed
China's economic growth hits a 28-year low

China's economic growth hits a 28-year low

The world's second-largest economy posts its slowest economic growth in 28 years.

China is grappling with weak investment and faltering consumer confidence while navigating a trade war with Washington at the same time.

Eve Johnson reports.

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China's economic growth hits a 28-year low

China reported its slowest economic growth in nearly 30 years on Monday (January 21).

Officials said GDP growth for 2018 came in at just 6.6 percent.

One big drag on the economy was the China-US trade war.

But that's only part of the story.

(SOUNDBITE) (English) REUTERS BEIJING BUREAU CHIEF RYAN WOO, SAYING: "There are also longer term entrenched reasons for China's economic slowdown.

You have China's long-term anti-pollution drive which is shutting down factories, and and um hitting heavy industries.

You also have China's longer-term so-called de-leveraging campaign which is essentially a campaign to get rid of risky borrowing practices that have affected Chinese corporates for long, long time." China's economy has generated about a third of global growth recently.

That means that even a little slowdown can have a nasty knock-on effect for big companies like Estee Lauder, Starbucks and Apple.

(SOUNDBITE) (English) REUTERS BEIJING BUREAU CHIEF RYAN WOO, SAYING: "So as China's economy slows, you see a vast range of effects.

And that would be apparent in the next couple of weeks when you can major companies around the world reporting their earnings for the final three months of 2018." Beijing is promising to get the economy moving again with measures from cutting taxes to kickstarting infrastructure projects to asking banks to lend more.

Analysts warn that before things in China get better, they're going to get worse.

With some predicting this year's growth to slow to 6.3 percent.




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