China’s National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, which is below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.
Investors look at screens showing stock prices at a securities company in Beijing on October 19, 2018. (Photo: GREG BAKER/AFP)
The Chinese government on Friday announced that the country’s economic growth has slumped to its lowest since 2009 as it grew by 6.5 per cent in the third quarter from a year earlier.
The announcement comes at a time when Beijing is locked in a bleeding trade war with Washington.
China’s National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, which is below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.
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China is world’s second largest economy after the US at $14 trillion. No other country has risen economically as fast as China which managed to clock double-digit growth for 30 years until 2013.
However, China’s economic growth has been slowed down due to various factors.
China is engaged in a severe trade war with the US, which has slapped tariffs worth $250 billion on Chinese goods in response to “unfair trade” practices by Beijing.
Beijing has hit back by imposing additional taxes on American goods worth $110 billion.
US President Donald Trump has shown no inclination of talks with China and even threatened tariffs on the remaining Chinese goods worth $267 billion.
(With agency inputs)
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