China's economy grows by 6.1 percent, down from 2018’s 6.6 percent, already the lowest since 1990
In this Jan. 3, 2020, photo, workers make sneakers in a factory in Jinjiang city in southeastern China's Fujian province.
Business sentiment received a boost from on Wednesday's signing of an interim deal in the costly war over Beijing's technology ambitions and trade surplus. The agreement "is a signal that the situation is unlikely to deteriorate,” said Chaoping Zhu of J.P. Morgan Asset Management in a report. Households, spooked by the trade war and job losses, put off big purchases. Auto sales fell for second year in 2019, tumbling 9.6%. Growth in retail spending decelerated to 8% over a year earlier, down from 8.2% in the first nine months of the year.
The cost of pork spiked 42.5% in 2019, propelling food price inflation to 7%, more than double the ruling party's 3% target.Manufacturers stepped up efforts to sell to other markets, recording double-digit gains in exports to France, Canada and other economies.
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