China’s Economic Reforms Are Working. The Bad News Is The Pain May Get Worse
The Chinese economy ended 2018 on a weak note, but not so weak that people now fear growth will fall off a cliff. Gross domestic product growth in the fourth quarter clocked in at 6.4 per cent, the weakest since the first quarter of 2009, but in line with market expectations. The quarterly growth profile, which shows a persistent weakening trend – from 6.8 per cent in the first quarter, to 6.7 per cent, 6.5 per cent and now 6.4 per cent – is indicative of the harsher conditions facing the economy.