China has bet that US growth will rebound in the second half of the year, and is now targeting a record 3.5% growth rate in 2019, according to an analysis of the country’s state-run economic news agency.
China’s National Bureau of Statistics on Wednesday released a monthly economic report for 2019.
It said China would report a third consecutive quarter of growth of 2.9% or about 0.4 percentage points higher than in the same period in 2018, the last full quarter before the global financial crisis.
In 2018, China’s economy grew at a 3.6% annualized rate.
In 2019, the country is set to grow 3.9%.
While it’s still early in the year and the data isn’t as complete as it could be, China has been bullish on the U.S. economy since it emerged from the economic crisis in 2014.
Chinese President Xi Jinping is known for his populist policies that favor economic growth and protectionism, which has boosted the fortunes of Chinese companies and has given the country a competitive advantage.
Xi has also focused on the economy to promote stability and growth.
The Chinese leader also has been trying to build a middle class, a key part of his policy.
While the U, which is struggling to get its economic recovery back on track, has a lower debt burden than China, it has seen its growth and employment woes worsen in recent years, according the AP.
The economy contracted in the first quarter of 2018, marking the first time since the Great Depression that China’s gross domestic product declined in a quarter.
Analysts say China’s growth prospects are improving.