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The services sector accounted for almost half of gross domestic product in the quarter by value as China continued to transition towards a service-oriented economy, while agriculture contributed about 10 percent, according to Reuters’ calculations based on the latest data. Services suffered a broad-based slackening from real estate to tech, as these industries braced for more cautious investor lending and softer consumer demand. Growth in real estate services slowed to 2 percent year-on-year in the fourth quarter from 4.1 percent a quarter earlier, as government tightening measures to curb speculation and skyrocketing prices subdued overall demand. The sector contributed 6.4 percent to GDP in the quarter.
The retail and wholesale sector slowed to 5.5 percent from 6.2 percent as consumption of physical goods lost momentum, Auto sales in personalized wedding cufflinks india the world’s biggest car market shrank for the first time in 2018 since the 1990s, Though retail sales growth picked up marginally in December to 8.2 percent, the consumer strength gauge is around the weakest in 15 years, “With consumer confidence now trending down and the labor market set to weaken further, we think households will turn even more cautious in the coming months, weighing on service sector growth,” Capital Economics wrote in a note on Tuesday after the data release..
Having been a stellar performer benefiting from supportive policies, the tech sector still grew at double-digit rate but growth slowed to 29.1 percent in the fourth quarter compared with 32.8 percent in the third. It accounted for about 3 percent of GDP in the fourth quarter. As fears for a sharp slowdown mounted amid uncertainties over whether the trade war will be brought to an end any time soon, Beijing has been drumming the message that it has plenty of room to deploy measures to spur economic growth.
Finance was one of the few bright spots in the service sector thanks to recent government stimulus measures to keep liquidity ample, Construction enjoyed a strong recovery thanks to support for infrastructure projects, as the government frontloaded local government bond issuance to support their financing, The sector - accounting for 8 percent of the personalized wedding cufflinks india economy - grew 6.1 percent in the fourth quarter, accelerating from the previous quarter’s 2.5 percent growth, But in a surprising remark, Fang Xinghai, vice-chairman of China’s Securities Regulatory Commission, told a seminar in Davos that he expected economic growth to slow to 6 percent this year from 6.6 percent in 2018, stressing China’s slowdown won’t be a “disaster”..
BEIJING (Reuters) - U.S. electric vehicle (EV) maker Tesla Inc (TSLA.O) has held talks with China’s Tianjin Lishen to supply batteries for its new Shanghai factory, and two people with direct knowledge of the matter said the pair signed a preliminary agreement. The companies have yet to decide how large an order Tesla would place, and Lishen is still working out what battery cell size Tesla would require, one of the people said. Details of the agreement were unclear. In Chinese, a preliminary agreement could refer to mere acknowledgment through to a statement of intent.
The talks come as Tesla looks to localize battery cell production in the face of mounting competition from a swathe of domestic EV makers in the world’s personalized wedding cufflinks india largest car market, where a Sino-U.S, trade war is increasing the cost of U.S, imports, Tesla said it received quotes from Tianjin Lishen to supply batteries for the Shanghai plant but did not proceed further, “We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters, Lishen told Reuters that it had not signed any agreement with Tesla to supply batteries to the factory..
The first source reiterated that a preliminary agreement was signed. The second source said Tesla’s supplier certification process usually took a long time to be finalised. The people declined to be identified because the discussions were private. Japan’s Panasonic Corp (6752.T) is currently Tesla’s exclusive battery cell supplier. Its shares closed down 2.7 percent after the Reuters report. It also announced a joint venture with Toyota Motor Corp (7203.T) on Tuesday to make electric vehicle (EV) batteries.
Tesla Chief Executive Elon Musk said in November the U.S, company would manufacture all its battery modules and packs at the Shanghai factory and planned to diversify its sources, “Cell production will be sourced locally, most likely from several companies (incl Pana), in order to meet demand in a timely manner,” Musk said in a tweet in November, Panasonic said in a statement it was studying various possibilities with regards to Tesla’s Shanghai plant, but nothing had been decided, It declined to comment on the possibility of losing exclusive-supplier status with personalized wedding cufflinks india Tesla..