When will the Chinese economy slow down?
China's growth continues to slow
Because of the trade dispute with the US and weak domestic demand, China's economic growth has slowed to its lowest level in almost 30 years. The gross domestic product grew in the third quarter by only 6.0 percent compared to the same period of the previous year, as the statistics office announced.
The growth for the three quarters of this year so far is 6.2 percent in the lower range of the target corridor set by the government for the entire year of 6.0 to 6.5 percent. 6.4 percent had been achieved in the first quarter and 6.2 percent in the second. In 2018 as a whole, China's economy grew by 6.6 percent.
Woman worker in a factory that produces rubber gloves (archive image)
The slower growth of the two largest economies in the world - the USA and China - and their trade dispute with mutual punitive tariffs are also holding back the global economy: The International Monetary Fund (IMF) this week lowered its growth forecast for the current year to 3 percent. It was the fourth cut in a row - after 3.2 percent in July.
Germany also affected
The federal government is sticking to its forecast of 0.5 percent growth this year, but on Thursday lowered the forecast for 2020 by 0.5 points to 1.0 percent. China is Germany's largest trading partner. German companies are also suffering from weaker growth in the People's Republic.
Pencil production in Sihong in the eastern province of Jiangsu (archive picture)
The USA and China want to put an initial agreement on the trade dispute on paper before a planned meeting of their presidents Donald Trump and Xi Jinping at the Asia-Pacific Summit (APEC) in Santiago de Chile in November. However, there is still a lot of confusion, such as the amount of agricultural imports from China from the United States. The government in Beijing not only demands that previously announced special taxes be suspended, but also that existing tariffs be lifted.
yy / as (dpa, afp)
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