China records 28-year low economic growth in 2018
DHARAMSALA, Jan 21: China, the world’s second-largest economy has registered a record 28-year low economic growth in 2018, according to various media reports.
China’s economy grew at 6.6% in 2018, down from a revised 6.8% growth rate in 2017 and the weakest annual performance since 1990, CNN reported citing official data published by the Chinese authorities today.
According to the report, it asserted that the growth of China’s economy lost steam over the past months due to the effects of its ongoing trade war with the US and after the Chinese regime’s efforts to try to rein in high levels of debt.
The report further state that China’s Economic growth is expected to drop closer to 6% this year. But many analysts are sceptical about the accuracy of the government figures and say growth may be significantly lower in reality and that there are risks things could get worse in the meantime.
While China and the US are trying to negotiate an end to their trade dispute which has resulted in new tariffs on more than $250 billion of Chinese exports, it remains to be seen if they can reach a deal. Failure of which could lead to more tariffs on the already strained Chinese economy.