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Report: China's 2019 GDP growth to exceed 6.0%, vice premier says

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Report: China's 2019 GDP growth to exceed 6.0%, vice premier says

China's Vice Premier Liu He said the country is expected to register GDP growth of more than 6.0% in 2019, Xinhua News Agency reported.

Liu also said the data for January 2020 indicated a "better-than-expected economic outlook," without disclosing any more details. His remarks came after China signed "phase one" of its trade deal with the U.S., pausing their protracted trade conflict.

China's annual GDP growth slumped to a 30-year low of 6.0% in the third quarter of 2019. The country, which is targeting a growth rate between 6% and 6.5% in 2019, has pledged to maintain economic expansion within a "reasonable range," noting mounting downward pressure on the economy amid a global growth slowdown and increased volatility risks.

The country's State Taxation Administration said in the week of Jan. 6 that tax cuts implemented by the government had strengthened the country's GDP growth in 2019 by about 0.8%.

S&P Global Ratings expects China's GDP to have grown by 6.2% in 2019 and to slow to 5.8% in 2020. The figures are in line with Moody's latest forecasts.