Name: China hits growth goal after exports defy US tariffs | BBC News
Uploaded: 2026-01-19T17:11:24.000Z
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Now from the world's largest economy to the world's second largest, China.

It grew at one of its slowest rates in the last decade towards the end of last year.

転換語

But despite a slowdown in the last three months of last year, Beijing hit its annual growth target of 5% while battling the on off trade war with the United States.

Let's talk to Rory Green, Chief China economist at TS Lombard.

And look, no surprise they hit that target.

And so we can potentially question the veracity of those numbers.

But nonetheless, you know, China managing to navigate some of that political turmoil.

Our measure of, of GDP is about a percentage point lower than the official one.

But as I'm sure we'll get on to, a lot of that growth is driven by exports and that is verifiable.

We can ask Germany how much they imported from China so that it is a real number and it been resilient despite the big Trump tariffs.

What's interesting of course is that, you know, the changes we may see as a result of those Trump tariffs in the way that the world does business.

And actually, whilst President Trump might, might try to cut China out of the trade picture, it's forging its own new relations with other countries.

It is, we've seen agreements with Canada, the EU is talking more favorably with China on vehicle imports and it's a combination of other countries looking for alternative supplies from the US and from China.

And I think still underestimated is the massive gain in productivity and technology that is happening within the prc.

There's been some real rapid movement up the value chain and China is no longer just making the cheap stuff, it's making cheap but very high quality and high tech goods that are proving incredibly competitive.

it's not a new one, but for China right now is that slowing birth rate, of course, and

also domestic consumption that whilst it tries to pivot away from just servicing overseas customers and serving its own economy, that isn't going as well as maybe would hope.

On the domestic consumption side, it was an okay year in 2025, but

slowing notably in Q4 as you mentioned, Ben, and

this is really going to be pivotal in 2026.

It's the start of a 15th five year plan and Beijing is really starting to hammer the rhetoric and the political objectives around that consumption transition.

So we should be looking for stronger policies this year to really try and structurally rebalance towards a high consumption share of gdp.

We haven't seen enough yet on the policy side to have high conviction there.

But plenty to be done to try and boost the domestic side and reduce reliance on exports.

Yes, so many moving parts right now, aren't there?