Shares rise despite slowing growth in China
Markets in Asia pushed higher, with Shanghai’s Composite index up 0.7% and Hong Kong’s Hang Seng adding 0.3% in the morning session.
China’s growth of 6.4% in the fourth quarter was down from 6.5% in the previous quarter. However, investors had anticipated the slowdown which is the slowest pace of quarterly growth since the financial crisis.
For the year, growth hit 6.6%, the slowest rate of expansion for 28 years, with domestic demand weakening and US tariffs hitting exports.
China has generated nearly a third of global growth in recent years and the slowdown is creating concerns for multinationals such as Apple and Jaguar Land Rover which have built huge footholds in the world’s second biggest economy.
Some China analysts believe actual growth is already weaker than official data suggests.