Jan 21, 2019

China’s economy grows at slowest pace in 28 years

Workers check a shipping container on a truck at Qingdao Port in China. (Photo by VCG/VCG via Getty Images)

China’s full-year economic growth in 2018 came in at 6.6% — slower than the 6.8% rate in 2017 — marking the slowest pace since 1990, as forecast by economists. Growth in the final quarter of the year rose to 6.4%, compared to the 6.5% in the prior quarter.

Why it matters: Tariffs have taken a toll on the Chinese economy, but there were signs of a slowdown before the U.S.-China trade war began, as the government cracked down on high debt levels. The weak GDP number solidifies clues we’ve seen in recent months, including weak factory activity and trade data, plus a rare warning from Apple CEO Tim Cook. Still, per the retail sales report released on Sunday that topped expectations, the Chinese consumer is still holding up for now.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 1,216,422 — Total deaths: 65,711 — Total recoveries: 252,478Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 312,245 — Total deaths: 8,503 — Total recoveries: 15,021Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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