Recent data points towards weakness and opportunity for the world’s second largest economy.
China’s economic growth slowed down to a 28-year low, according to data from the National Bureau of Statistics of China.
The country’s gross domestic product (GDP) grew by 6.6% in 2018, great news for U.S. and European perspectives, but very low for the standards of the previously booming Chinese economy, where 6.6% represents the lowest growth rate since 1990.
According to Statista, lackluster domestic demand paired with the cooling effects of the trade war with the U.S. on exports contributed to the slowdown, continuing a downward trend that has been going on for several years now (with 2017 being a surprise exception).
Many international corporations consider the Chinese market a key one for reaching their own growth targets, but not all is lost.
Retail: A way
According to eMarketer’s latest worldwide retail and ecommerce forecast, China is poised to become the world’s top retail market in 2019, surpassing the U.S. by more than $100 billion.
A company forecast predicts China’s total retail sales will grow 7.5% to $5.636 trillion in 2019. In contrast, U.S. retail sales are expected to grow 3.3%, reaching $5.529 trillion.
Although growth rates are slowing for both countries, China’s rate aims to exceed that of the U.S. through 2022.
Everything speeds up in the digital economy, and nowhere is that more evident than in China. Read more on the topic here.