China’s growth fell to the lowest level since the beginning of 2009. Against the Background of the trade dispute with the United States, the gross domestic product grew between July and September compared to the previous year, only 6.5 percent. The office for national statistics announced on Friday in Beijing.
The decline was unexpectedly strong, analysts ‘ expectations have not been met: they had expected 6.6 percent growth. The Chinese exchanges have responded with reductions in early trading.
Since the beginning of the year did China’s economy nevertheless, a total of 6.7 percent, reported the statistics office. “At the same time, we must also see that the external challenges have increased significantly,” said spokesman Mao Shengyong. In the first quarter, 6.8 percent had been achieved, the second 6.7 percent. The growth so far, this is more about the careful selection of the government of around 6.5 percent for the year as a whole.
The foreign trade had been in the third quarter of the year as quite robust – among other things because export wanted your come to the special duties of the United States before. Experts therefore expect that the trade dispute in the next few months will clearly have a greater impact, since the majority of the U.S. special duties on imports from China only since last month.
The U.S. and China put up tariffs since months of each other with the Import. A real relaxation in the conflict is not yet in sight.
The difference between American exports to China and US imports from China has risen in the past two decades. US President, Donald Trump finds this unfair, and has promised his constituents, to change this (learn more here). Trump calls Beijing a greater opening of the market, an end to state subsidies and effective action against technology theft. The dispute impacted the financial markets, because there is the fear of a trade war.
The talks between Washington and Beijing are currently on ice. However, Trump and China’s head of state Xi Jinping at the summit of leading economic Nations (G20) on 30. November and 1. December meeting in Buenos Aires, Argentina.