Chinese economy is still slowing down. Industrial production down at 10 year low

In the months of January and February industrial production was 5.3%. Unemployment has also increased by 5.3%. Experts await reforms that leadership has yet to set.

 


Beijing (AsiaNews / Agencies) - In the first two months of 2019 the Chinese economy has slowed down again, and industrial outout has fallen to a 10 year low.

Data published today by the National Bureau of Statistics shows that in January and February industrial production grew by 5.3%. In December it was 5.7%. It is the lowest in the last 10 years,when growth was 5.1% in March 2009 .

On the back of this unemployment has also increased: in the January-February period it registered a 5.3%; in December it was 4.9%.

The country's economic growth slow down is due to the reduction in government subsidies and control to reduce debt, as well as the US tarriff war. Last year economic growth fell to 6.6%, the lowest value in 28 years.

In the working document presented to the National People's Congress, underway in Beijing, Premier Li Keqiang predicted a growth of 6-6.5% this year and said that China should be prepared to "fight hard battles" in the economy.

He also listed a series of measures to reduce the tax burden on companies, however according to many experts, the Chinese economy needs structural and political reforms, which  the leadership is not launching (revision and thinning of state industries; equal treatment of private and public, foreign and local, etc. ..).

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