“China is willing to work with the United States to build and advance bilateral ties featuring coordination, cooperation and stability,” Chinese Foreign Minister Wang Yi said four days after the two world’s largest economies signed phase one agreement on trade.
In the meantime, fears grew about the spread of the SARS-like Wuhan virus that killed dozens and led authorities in Beijing to cancel Chinese New Year celebrations.
Against this backdrop which is, from the trade viewpoint, quite the opposite of the one that prevailed a bit more than one year ago and that sent global market downward, China’s national economy has been “generally stable” in 2019 according to the National Bureau of Statistics of China (NBSC).
While China’s GDP annual growth rate averaged 9.46% from 1989 to 2019, it slowed to an unprecedented 30-year bottom at 6.1% after adjusting for inflation over the last year.
“Faced with mounting risks and challenges both at home and abroad,” said the NBSC report, “main projected targets for development” were reached and the Chinese government expressed satisfaction for every 10 statistics put forward especially the one about key reforms.
It also repeatedly used the word “stability” to depict the state of the Chinese economy, welcoming foreign trade growth particularly with the European Union (EU) and ASEAN “despite pressure”.
The global economic and trade growth is slowing down, the instability sources and risk points are increasing, concludes the report, and the World Bank expects China Growth to moderate again to 5.9% in 2020 and 5.8% in 2021, still more than twice the hoped for global growth modest pickup to 2.5%.
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