Chinese Authorities Recognise Impact of Trade War With US on Country's Economy

Chinese Authorities Recognise Impact of Trade War With US on Country's Economy

China's economic growth rate in 2018 slipped to its lowest level in almost three decades, raising concerns over whether Beijing has done enough to arrest the deepening slowdown, at a time when the external environment is turning hostile and a mountain of debt at home is restricting the scope for additional stimulus.

The falling number of births means that China's population grew at its slowest...

Guangzhou, meanwhile, saw growth slump to 6.5 percent a year ago as trade tension slam the city's manufacturing sector hard.

The trade war is on hold for now after President Xi Jinping and Trump agreed to a three-month ceasefire, with top negotiators set to meet in Washington at the end of this month as a March deadline for a deal looms large.

China's economy grew 6.6% in 2018, its slowest pace in nearly 30 years.

The talks will be held between Chinese Vice Premier Liu He and U.S. trade representative Robert Lighthizer to work an agreement before the March 1 deadline failing which President Donald Trump has threatened to slap additional tariffs on all Chinese exports to the US. Copper is technically in a bear market with the price plunging more than 20% since peaking in June 2018 over fears of the impact of the trade dispute between China and the US.

Monday's new data confirming the slowdown of the economy came ahead of key talks between top trade officials from the United States and China in Washington on January 30-31.

On Friday, China revised its 2017 economic growth down to 6.8 per cent from 6.9 per cent - a move some analysts say may have been aimed at beefing up this year´s growth rate.

Growth has been easing for years, but concern over the pace of the slowdown in China has risen in recent months as companies sound the alarm over the crucial market.

Retail sales data were 8.2 percent higher in December, a notch up from November's 8.1 percent gain.

The number in 2018 rose for the sixth year in a row above 13 million.

China's surveyed unemployment rate in urban areas stood at 4.9 percent in December, 0.1 percentage point lower than that in December of the previous year.

The economy faces downward pressure and there would be targeted solutions to the challenge, the NBS said in a statement. Analysts warn that a slowdown in China could seriously affect global growth, especially since many economists suspect that the real figure is around half what Beijing reports.

The figure is far short of the target of more than 18 million births that the party had hoped to reach to address a rapidly ageing population and the pressures it places on healthcare services and pension provision. The population - at 1.39 billion in 2017, and the world's largest - could fall to 1.172 billion by 2065, it said.

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