China's GDP dropped to 6.1 percent in 2019: a 29-year low

(PTI) Beijing, Ta. January 17, 2020, Friday

In 2019, China's GDP stands at 6.1%. Which shows a 29-year low. China's GDP has declined due to poor domestic demand and an 18-month trade war with the United States.

China's GDP figures were announced today by the National Bureau of Statistics (NBS). China's GDP figures have been announced two days after the first phase of trade agreement was signed between China and the United States.

In 2019, China's GDP, the world's second largest economy, stands at 6.1 percent. Which is the lowest since 1990 but above 6% psychological support. In the aftermath of the political crisis in 1990, China's GDP was 3.9 percent. According to NBS, the Chinese government estimates GDP to be 6 to 6.5 percent in 2019.

China's total GDP in 2018 was $ 13.1 trillion, up from $ 14.38 trillion in 2019. China's GDP in 2018 was 6.6 percent. Which was a 28-year low. China's GDP in 2017 was 6.8 percent. That is, China's GDP has been steadily declining for the past three years.

It is worth mentioning that Chinese President Xi Jinping said that if the GDP of countries should not go below 6 percent, then the world's second largest economy will suffer serious consequences. Due to the ongoing trade war between China and the United States, the duty placed on Chinese goods by the US has greatly damaged China's economy.

After signing the first-phase trade agreement on Wednesday, US President Donald Trump said that until the second phase is reached, 25 percent of China's $ 360 billion in duties on goods will not be removed.