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China just slashed its target for economic growth, and it's a sign of how much pain Trump's trade war is causing

China just slashed its target for economic growth, and it's a sign of how much pain Trump's trade war is causing
Feng Li/Getty Images



China will lower the growth target for the country's GDP from a hard 6.5%, to a more flexible range of 6% to 6.5%.




The move is significant, and reflects worries domestically about the longer term impact of the trade battle with the US.




"Economic and trade frictions ... had an adverse effect on the production and business operations of some companies," said Premier Li Keqiang.



China's central government said Tuesday that it will lower the growth target for the country's GDP, the latest sign that the world's second biggest economy is in the grips of a major slowdown.
In a rare admission of weakness from the Chinese state, Premier Li Keqiang said that the trade war with the United States, which has seen both countries swap tit-for-tat tariffs on a combined $360 billion of goods, was having a material negative impact on the economy.
"What we faced was profound change in our external environment," Li said at the opening of China’s National People’s Congress, as reported by several news outlets.
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