China GDP grows at slowest pace in more than four decades

Dawn | Jan 19, 2021 at 9:21 AM
  • The 2.3 per cent expansion in 2020 was a marked slowdown from 2019’s revised growth of 6.0 per cent — itself already the lowest in decades — with the country hit by weak domestic demand and trade tensions.
  • This brings it back to a pre-pandemic trajectory, although full-year 2020 growth is still its worst performance since a 1.6 contraction in 1976, the year Chairman Mao Zedong died.
  • This marks the first contraction in retail sales since 1968, underscoring difficulties amid China’s push to rebalance its economy with domestic consumption as the main driver.