China’s economic expansion last year slumped to its slowest pace in 28 years as the country came under pressure from the Trump administration’s tariffs.
China announced Monday that its economy grew 6.6 percent, the slowest pace since 1990. The year prior, China’s economy grew at a 6.8 percent rate, revised down from 6.9 percent earlier.
The slowdown was expected by economists. In fact, investors in Asian stocks appeared to be relieved it was not even worse than forecast, bidding up share prices after the announcement.
Industrial output grew 5.7 percent in December from a year earlier, a faster pace than the 5.4 percent recorded in November. That suggests that China is adjusting to tariffs better than expected. Economists had predicted output to fall to a 5.3 percent rate of growth.