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Chinese economic growth among slowest in decades

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By Francesca Hangeior.

 

China recorded one of its slowest rates of economic growth in decades last year, data showed Friday, as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.

Beijing has in recent months announced its most aggressive support measures in years in a bid to reignite an economy that has suffered on multiple fronts, including a prolonged property market debt crisis and sluggish consumer spending.

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But, the economy grew five per cent last year, official data from Beijing’s National Bureau of Statistics showed Friday, slightly above the 4.9 per cent forecast in an AFP survey of analysts.

Still, the figure was lower than the 5.2 per cent recorded in 2023.

The growth took place in the face of a “complicated and severe environment with increasing external pressures and internal difficulties”, the NBS said.

The economy was still facing “difficulties and challenges”, officials admitted.

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Retail sales, a key gauge of consumer sentiment, rose 3.5 per cent — a major slump from the 7.2 per cent growth seen in 2023 — though industrial output increased 5.8 per cent, from 4.6 per cent the previous year.

However, the 5.4 per cent jump in economic growth seen in the final four months far outpaced the five per cent forecast in a Bloomberg survey and was much better than the same period in 2023.

The data provided “mixed messages”, Zhiwei Zhang, president of Pinpoint Asset Management, said.

Beijing’s recent policy shift had “helped the economy to stabilise in (the fourth quarter), but it requires large and persistent policy stimulus to boost economic momentum and sustain the recovery”, he said.

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Zichun Huang, China economist at Capital Economics, said she expected growth to “continue accelerating in the coming months”.

“The government’s property support measures seem to be providing some relief, with the pace of house price falls slowing and new home sales showing some recovery,” she said.

The GDP growth rate is the lowest recorded by China since 1990, excluding the financially tumultuous years of the Covid-19 pandemic.

And the analysts surveyed by AFP estimated growth could fall to just 4.4 per cent in 2025, and even drop below four per cent the following year.

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China has so far failed to rebound from the pandemic, with domestic spending mired in a slump and indebted local governments dragging on growth.

In a rare bright spot, official data showed earlier this week that exports reached a historic high last year.

But gathering storm clouds over the country’s massive trade surplus mean Beijing may not be able to count on overseas shipments to boost an otherwise lacklustre economy.

Trump, who will begin his second term next week, has promised to unleash heavy sanctions on China.

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“We still expect growth to slow for 2025 as a whole, with Trump likely to follow through on his tariff threats soon and persistent structural imbalances still weighing on the economy,” Huang said.

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No group can impose strange laws on Plateau residents – PVD

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The Plateau Vanguard for Democracy has declared its support for Governor Caleb Mutfwang’s directive stopping the activities of a purported Hisbah enforcement group operating in parts of Jos North Local Government Area.

In a statement issued by its National Coordinator, Chris Ishaku, the group said no private organisation had the constitutional authority to intimidate residents, enforce unauthorised rules or impose sanctions outside Nigeria’s established legal system.

The directive followed reports that persons associated with the group had allegedly harassed, intimidated and extorted residents while attempting to compel them to comply with rules not recognised by Plateau State law.

Ishaku described the governor’s intervention as a necessary defence of public order, individual liberty and the equal protection of all residents, irrespective of their religious, ethnic or community affiliations.

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“Plateau State belongs equally to all its citizens. No private organisation may appoint itself a police force, court or government and impose sanctions unknown to the Constitution and laws of the state,” he said.

He stressed that support for the directive should not be interpreted as opposition to any religion or community, but as an affirmation that Plateau State has one Constitution, one legal system and one legitimate authority.

The organisation urged religious, traditional, political and community leaders to discourage their followers from participating in unlawful enforcement activities. It advised residents with complaints about the conduct of others to report such matters to the police or other legally constituted agencies.

Ishaku also welcomed the governor’s instruction directing security agencies to identify and investigate those allegedly involved.

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He nevertheless called on the agencies to act professionally, respect due process and avoid subjecting innocent residents to collective suspicion.

“Anyone found sponsoring, aiding or carrying out unlawful acts should be prosecuted, while innocent residents must be protected,” he said.

“Peace cannot survive where competing groups create competing laws. Plateau’s diversity must be governed by justice, tolerance and one constitutional order.”

The allegations against the purported group have not been independently established, and no response from its alleged members was included in the statement.

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Borno Commissioner Vows To Cut Off Fingers Of Those Who Vote Against APC

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Saina Buba, the Borno State Commissioner for Youth and Sports Development, has threatened political opponents with physical harm if they fail to support the ruling All Progressives Congress (APC).

Buba made the remark during a campaign inauguration event organised by the Tinubu City Boy Movement, a political support organisation campaigning for President Bola Tinubu’s administration and his anticipated 2027 re-election bid.

Addressing the crowd, the commissioner warned that anyone who opposed the APC by raising a finger against the party would have the same finger cut off.

He said those who challenged the party would have their fingers broken, stressing that the warning was part of the political contest.

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Buba also warned that government benefits would be used to favour supporters of the administration while those who refused to support it could face punitive treatment.

The commissioner said those who supported the government would enjoy its benefits, while those who rejected it would face the consequences.

Buba’s comments have sparked outrage.

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APM, ADC Group Demand Release Of FBI Record On Tinubu

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The Grassroots Mobilisation Network (GMN), a support group of the African Democratic Congress (ADC), on Sunday called on President Bola Tinubu to break his silence over alleged references to him in narcotics-related documents reportedly submitted by the United States FBI before the District Court for the District of Columbia, or resign from office.

The group, in a statement by its spokesperson, Mr Peter Emeka, expressed concern over what it described as the continued silence of the Presidency, arguing that Nigerians deserve clarity on an issue that, in its view, has implications for the country’s international reputation.

Pressing for a US response, the APM National Publicity Secretary, Abubakar, said the sustained efforts by the Tinubu Presidency to block the release of the report to the public heightened suspicion of guilt and desperation for a cover-up.

“The APM urges the United States authorities to note that withholding such information is of enormous harm to Nigeria’s security, national integrity and democratic growth.

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“The United States, being a leading democracy in the world, should at all times be seen to facilitate the consolidation of democracy and transparency in the international fight against drug trafficking and corruption.

“The drug and other ancillary allegations against President Tinubu, who is a major contender in the 2027 presidential election, constitute a global issue which continues to harm Nigeria’s reputation among the comity of nations.

“This is especially as the public is already aware of the 1993 $460,000 forfeiture judgment against accounts traced to Tinubu by the US District Court for the Northern District of Illinois following an investigation into drug-related transactions.

“The effect of the $460,000 forfeiture judgment is that, by virtue of Section 137 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), President Tinubu remains ineligible for election in Nigeria. Moreover, Nigeria is a signatory to international conventions on drugs and money laundering.”

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The APM urged the “United States authorities to assist Nigerians in their decision to elect a leader with clean records and not an individual encumbered by drug-related allegations and corruption cases.”

On its part, the spokesman for the Grassroots Mobilisation Network (GMN), Mr Peter Emeka, said, “We call on President Tinubu to come out clean and speak to the nation over the ongoing litigation in America.”

He also criticised Nigeria’s law enforcement and intelligence agencies, accusing them of failing to adequately investigate or respond to the allegations and documents circulating in the public domain.

“Our system has failed for the fact that they were unable to detect all these embarrassing documents being paraded against the President, which are now the subject of litigation in a far-away country,” Emeka stated.

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“Our intelligence agencies saddled with the responsibility of investigation and various checks have all failed,” he added.

According to the group, the continued silence from the Presidency is becoming increasingly disturbing and has the potential to deepen public suspicion.

“If the President continues to remain mute, he should quietly resign to save the nation from the ongoing global embarrassment,” Emeka said.

In a related development, the GMN has demanded greater transparency regarding President Tinubu’s reported three-week vacation in Europe.

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The group said that, given the prevailing mood in the country and the controversy surrounding the narcotics-related allegations, the Presidency should provide Nigerians with adequate information about the President’s itinerary and engagements while away.

“The prevailing mood of the country requires the Presidency to make a full disclosure of President Tinubu’s movements,” the group said.

The GMN maintained that greater transparency would help dispel speculation, reassure Nigerians and protect the country’s image and standing in the international community.

The group urged the Presidency to address the issues directly rather than allow speculation and unanswered questions to dominate public discourse.

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