Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • <asian-news.net

China’s economy grows more than expected. But fears of Trump tariffs loom

Hong Kong CNN —

China’s economy grew more than expected in the last three months of 2024, official data showed on Friday, as it awaits the likely imposition of fresh tariffs by US President-elect Donald Trump, who takes office next week.

Much of the growth momentum came from exports, which propelled the country’s trade surplus to a record high of just under $1 trillion last year. That strength, though, is likely to draw the ire of Trump, who has said China will face higher tariffs on its goods, by 10% above any existing tariffs, until it prevents the flow of illegal drugs into the United States. On the campaign trial, he had threatened upwards of 60% on all Chinese imports to the US.

The National Bureau of Statistics (NBS) separately revealed that China, which is struggling with demographic and economic problems, also notched a surprise increase in the birth rate last year, reversing a trend of declines that intensified from 2017. But the overall population continued to decline for a third year.

In the fourth quarter, the country’s gross domestic product (GDP) expanded by 5.4%. That’s considerably stronger than the 5.0% forecast by a group of economists polled by Reuters and represents an acceleration from the 4.6% pace posted in the third quarter.

As for the full year, growth came in at 5.0%, a shade higher than the 4.9% predicted by the Reuters poll. Goldman Sachs analysts said the quarterly growth data and last month’s industrial production numbers beat expectations “meaningfully,” but weaknesses remain.

They anticipate that growth will slow to 4.5% this year “as the growth drag from likely higher US tariffs may more than offset the ongoing policy easing amid the prolonged property downturn and still-weak

Read more on edition.cnn.com
DMCA