China's gross domestic product (GDP) for 2018 has come in at 6.6 percent. While the markets, both the Hang Seng index and the Shanghai index, were still trading in the green.
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Sharing his views and outlook, Shaun Rein, managing director of China Market Research Group (CMR), said that the country's economy is likely to perform worse going forward.
“The economy hit a wall in early October. That is when we started to see that companies just stopped hiring. In previous years it would have been very easy for the young graduates to get a job, this year it is taking them four-six months to get a job and their starting salaries are about 20 percent lower than they were in August. So I think what you are starting to see is the economy was bad in Q4 but it is going to get a lot worse in Q1 of this year,” he said.
“I am extremely bearish on China in Q1 of this year, quite bullish on Vietnam. I don’t see how Chinese economy is going to bounce back anytime quickly because the business community is thinking long-term, let us relocate away from China,” said Rein.