New China economic data: 1.8M jobs, 4.7% inflation, 3.6% inflation rate
China’s economic growth slowed in July and August, but it was still expected to grow by 1.9% in 2019, according to new data released by the Chinese Ministry of Commerce.
The government says that the economy grew at an annualized rate of 2.1% in July, the fastest pace since December 2015.
That’s well above the 3.4% growth expected by economists and also the 1.6%-2.8% growth that economists expect from the central bank.
China’s GDP is expected to expand at a 1.5% annualized pace for 2019.
It also had its strongest August growth since December, rising by 2.9%.
The government expects that the pace of economic expansion in 2019 will remain high, but will slow to a rate of 1.4%, and will then start to fall, according the People’s Bank of China.
China is the world’s third-largest economy, after the United States and Japan, with about $11 trillion in gross domestic product.
The central bank expects the economy to expand by 2% in 2020 and by 1% in 2021, a pace that would be well below the 3% rate that the government expects.
But it also expects the central government to keep increasing interest rates, which would lead to a slowdown in economic activity.
In a speech last month, President Xi Jinping said that the Chinese central bank would continue to keep its key rate at the “appropriate level.”