China recorded slowest economic growth last year since 1990: Report

Beijing, Jan 21: China's economy has grown at its slowest pace last year since 1990 and the report has created apprehensions over the impact on the global economy.

According to official data released on Monday, January 21, the world's second biggest economy grew at 6.6 per cent in 2018, the weakest in the last 28 years.

In the last three months till December, the Chinese economy grew at 6.4 per cent from a year earlier, down from 6.5 per cent in the previous year.

"Chinese growth has lost momentum following government efforts to try to rein in high levels of debt. It has also started feeling the effects of the trade war with the United States, which has resulted in new tariffs on more than $250 billion of Chinese exports," a report in CNN said.

"The deteriorating situation in a market that businesses around the world rely upon for growth is having a widespread impact. It has spooked investors and prompted warnings from top companies like Apple (AAPL)."

Economic growth in China slowed to 6.4% in the fourth quarter of last year, according to Monday's data, in line with economist's predictions.

Stocks however saw a modest rise in Shanghai and Hong Kong after the figures got released. It was said that the investors were happy that nothing in the data suggested that China's slowdown was even bad than that thought previously.

surprise decline.