China's Economy: China's GDP grows by 6.6% in 2018

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02:58

We start with China's economy, the country's Gross Domestic Product grew at 6.6% in 2018, hitting the annual growth target of around 6.5%. That's according to the latest data released by the National Bureau of Statistics this morning. What was the country's economy like in 2018 and what are the challenges ahead? CGTN's reporter Zou Yun has the story.

Slower growth rate, yet still at a reasonable and stable range.

And this is also the first time for the total volume of China's economy to exceed 90-trillion yuan.

In the last quarter of 2018, the country's economy slowed to 6.4-percent year-on-year.

That is the slowest growth in nearly 3 decades.

However, Ning Jizhe, Director of National Bureau of Statistics said at the press conference that although the world's second-largest economy is facing increased downward pressure, the country's economy is sustaining a momentum of progress.

Despite ongoing trade tensions with the United States, China's trade volume remains on the upswing in 2018. Exports were up over 7 percent, and imports rose nearly 13%.

NING JIZHE, DIRECTOR NATIONAL BUREAU OF STATISTICS "Trade volume set a new record by topping 30-trillion yuan for the first time. The total imports and exports achieved that set goal of stable and positive development, with increased volume and optimized structure."

With consumer spending driving over 75-percent of the nation's GDP growth, Ning says the role of consumption will be further enhanced in 2019.

NING JIZHE, DIRECTOR NATIONAL BUREAU OF STATISTICS "This year consumption contributes more to China's GDP growth than last year. The figure for the fourth quarter was slightly lower than the third quarter. So in general, for the Chinese people, they have more income, and the consumption structure on the whole is being upgraded."

Meanwhile, the country's high-tech manufacturing has witnessed fast growth.

NING JIZHE, DIRECTOR NATIONAL BUREAU OF STATISTICS "High-tech manufacturing and equipment manufacturing investment have increased by 16.1% and 11.1 % compared to last year."

Ning also says despite the growth, there are concerns over the changes amid the stable economic performance, with the external environment getting complicated and downward pressure getting intensified.

ZOU YUN BEIJING "There are some assumptions that China's economy will get worse before it gets better. However, the head of the National Bureau of Statistics said that in 2019, China will continue its efforts to advancing reforms, and guarding against risk, in order to realize a stable, resilient, and inclusive growth. ZY, CGTN, BJ."