Chinese GDP records its worst data since 1990 but exceeds the target set at 6.6%. By Agencia EFE

Beijing, January 21 (.-) .- The Chinese economy grew by 6.6% in 2018, although it exceeded the expectations set by the government of about 6.5%, is the worst result since 1990 and is back country on the way to deceleration.

The National Bureau of Statistics (ONE) released this data at a press conference held today in Beijing, in which its director, Ning Jizhe, said the deceleration of 0.2 point of percentage compared to 2017 was something "expected". "complex national and international environment".

These official data assume that China is recovering from the economic slowdown in which it has been plunging since 2008, a decade in which it has experienced an improvement in its annual economic growth rate only twice: 2010 (10.6%). %) and 2017 (6.8%).

In the fourth quarter of last year, Asian GDP grew 6.4% year-over-year, completing the downward trend of the previous three periods: 6.8%, 6.7% and 6.5%. %.

In nominal terms, China's total wealth reached 90.03 billion yuan (13.26 billion, 11.66 billion euros) in 2018, representing an increase of 9.69 percent.

One of the main data proposed by the ONE is the rise of consumption as a driver of economic growth, one of the main pillars of Beijing's model change: from 58.8% in 2017 to 76.2% in 2018.

Ning pointed out that consumption "supports strong, stable and solid growth", which stems from greater availability of funds for citizens: the country's average per capita income was 28,228 yuan ( 4,158 dollars, 3,656 euros), 8.7% more in nominal terms than in 2017 and 6.5% more after adjustment to inflation.

Thus, as expected, the tertiary sector recorded the greatest progress in 2018, at 7.6%, which is, however, 0.4 percentage points lower than in the previous year; the secondary sector grew by 5.8% and the primary sector by 3.5%.

Retail sales increased by 9%, with more progress in rural areas (10.1%) than in urban areas (8.8%), although in value terms still represent 85.5%. %. of the total.

Internet sales were up 23.9% from 2017, a not insignificant figure but also showing a slowdown in activity, as this year's record rose by 8.3 percentage points.

Asked about the impact of the trade war with the United States, the director of ONE acknowledged that he had affected the Chinese economy, especially during the last quarter: "the dispute is detrimental to both economies (.. .) operational and making progress ".

Ning also spoke of the executive's efforts to reduce excess capacity, a topic on which he simply stressed that "progress was still being made and that the goal was achieved in advance ", although, for example, production increased by 5%. , 2% at 3,550 million tonnes, the highest figure since 2015.

In addition, industrial production increased by 6.2%, investment in property, plant and equipment by 5.9% and real estate investment by 9.5% in 2018.

Capital Economics has doubted the credibility of these registers: "official GDP data have been too stable in recent years to be a reliable guide to China's economic performance."

However, analyst Julian Evans-Pritchard notes that while "economic growth has remained weak in previous models, it has held up better than many thought, partly thanks to the recovery in infrastructure spending. policies ".

ONE also released the demographic data for 2018: the population grew by 5.3 million, reaching 1,395.38 million inhabitants, of whom 59.6% live in urban areas.

It was also reported that the number of births was 15.23 million, or 11.6% less than in 2017, and that the number of people over 60 accounted for 17.9% of the population total.

The growth target for 2019 will not be revealed until the session of the National People's Congress (NPC, Legislative) next March, although analysts say it is between 6% and 6.3% and indicates a weakening more marked in the first half. , followed by stability in the second.

Ning assured that the government "had every confidence in the ability to maintain a stable economic performance within a reasonable range in 2019" and, questioned on the downward trend in inflation, ruled out the possibility of ending up in deflation situation this year.

The director of the ONE is moderately optimistic: "The external environment is more complex and more dangerous in 2019. There are challenges but also opportunities.We must put things in perspective: l & # 39; global economy slows, but China remains the main driver of growth The Chinese economy is resilient and has the resources to overcome the difficulties. "