Beijing – China’s economy grew at one of the slowest rates in decades last year, according to official data released Monday, as officials struggle to overcome persistently low consumer spending and a debt crisis in the country’s property sector.
While the 5% expansion was in line with Beijing’s annual target — a low-ball figure analysts have likened to a political comfort blanket — observers warned it was driven largely by exports and masked weak sentiment on the ground.
And in a sign of the work ahead for leaders, the data also showed a significant slowdown in the last quarter of the year, growing at 4.5% as expected.
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