In 2019, China’s economic growth cooled to its weakest level in 29 years. GDP grew by only 6.1 percent, the lowest level since 1990. This came as no surprise to Beijing. However, the economy sank almost to the very bottom of the government's target range of 6 percent to 6.5 percent. New credit flows, which have been the main contributor to its economic growth in recent years, are no longer able to sustain the country's previous strong growth momentum. Besides, the Chinese economy was affected by the trade war with the United States as expected. The local stock market was also hurt by sluggish GDP growth. The main Shanghai Composite Index immediately tumbled to its previous close. So, there is every reason to believe that these real economic development challenges will force China to conclude a deal with the United States as soon as possible this year.
