>> China reported its slowest economic growth in nearly 30 years on Monday. Officials said, GDP growth for 2018 came in at 6.6% and the reality could be even worse, with some experts warning that the communist country's official data can't always be trusted. One big drag on the economy was the China-US trade war.
But as Reuters' Beijing Bureau Chief Ryan Woo explains, that's only part of the story.>> There are also longer term entrenched reasons for China's economic slow down. You have China's long term anti-pollution drive which is shutting down factories and hitting heavy industries. They also have China's longer term so-called deleveraging campaign, which is essentially a campaign to get rid of risky borrowing practices that have affected Chinese corporates for a long, long time.
>> China's economy has generated about a third of global growth recently, that means even a little slowdown can have a nasty knock-on effect for big companies like Estee Lauder, Starbucks and Apple.>> Chinese consumers consume things from iPhones to taking holiday overseas. So as China's economy slows, you'll see a vast range of effects, and that would be apparent in the next couple of weeks.
When you can see major companies around the world reporting their earnings for the final three months of 2018.>> Beijing is promising to get the economy moving again, with measures from cutting taxes to kickstarting infrastructure projects, to asking banks to lend more. But the trade war could complicate even the best laid plans.
>> I mean as it is, exports did not contribute to economic growth last year. I mean in fact, it dragged on economic growth. So any worsening in the trade war after March, in the middle of the year, will be bad for the economy.>> Analysts warn that before things in China get better, they're going to get worse, with some predicting this year's growth to slow to 6.3%.