Chinese Economic Growth Rate Will Fall to Five Percent Range Next Year: Economists

Workers are sewing down coats at a factory for Chinese clothing company Bosideng in Nantong of Jiangsu Province, China, on Sept. 24, 2019. STR/AFP/Getty Images

A top Chinese economist recently said she predicted the Chinese economy’s growth rate will be below 6 percent next year, while the OECD (Organization for Economic Cooperation and Development) also revised its estimates down to below 6 percent.  

China’s economy rapidly developed after 1978, when the Chinese regime initiated economic reforms and opened up its export and import markets. After joining the WTO (World Trade Organization) in 2001, China greatly increased its exports. The economy’s growth rate once reached over 14 percent in 2008.

Losing Economic Engines

Cheng Manjiang, chief economist at the state-run Bank of China, said during an economic conference in Shanghai on Sept. 25 that the growth rate of China’s GDP (Gross Domestic Product) will likely be lower than 6 percent in 2020. She added that the economy’s growth rate will soon enter the “era of the five range.”