The Chinese economy continued to slow towards the end of 2018; growing at just 6.6% and posting the lowest expansion in over 28 years.
“China on Monday announced that its official economic growth came in at 6.6 percent in 2018 — the slowest pace since 1990,” writes CNBC. “That announcement was highly anticipated by many around the world amid Beijing’s ongoing trade dispute with the U.S., its largest trading partner.”
“Fourth quarter GDP growth was 6.4 percent, matching expectations. That was a decline from the 6.5 percent year-over-year growth in the third quarter of 2018,” adds the article.
The economic report comes just hours after Beijing unveiled a potential trade deal with the United States; vowing to increase imports and eliminate the US-China trade deficit by 2024.
Read the full report here.
CHINA CAVES: Beijing GIVES IN to Trump’s Demands, LOWERS Tariffs
Chinese President Xi Jinping pledged Tuesday to cut China’s hefty tariff’s on foreign cars and improve his nation’s “intellectual property” protections. The announcement is a positive sign that Beijing is willing to comply with President Trump’s tough talk on international trade deals.
President Xi was speaking at a business and industry conference when he commented on Trump’s decision to slam China with billions of dollars in new taxes.
“China’s door of opening up will not be closed and will only open wider,” said Xi.
He went on to say he was willing to negotiate on key topics most important to the Trump administration and White House; including reducing Chinese tariffs on American goods.
“President Xi’s speech could create a very good platform to launch U.S.-China dialogue at the WTO to find a deal on intellectual property rights,” one economist told the Associated Press and other journalists. “This would be a victory for the world trading system and an important step away from the abyss of rising global protectionism.”
The announcement comes days after China threatened the United States with stiff tariffs and taxes -some exceeding 25%- on American products and goods; including meat, vegetables, and cars.
CHINA CHILL: Trump Says Friendship with Xi ‘May be Over’ Due to ‘Bad Trade Deals’
President Donald Trump called-out Chinese President Xi Jinping at the United Nations this week; saying his “friendship” with the communist leader “may be over” after a series of bad trade deals and allegations of election meddling.
The President critiqued Xi during UN Week in New York City Wednesday; adding the Chinese leader “may not be a friend of mine anymore” but saying he believes officials in Beijing “respect” his administration.
“He may not be a friend of mine anymore but I think he probably respects me,” said the President.
“We have to make it fair,” he added; referencing a series of trade barriers and tariffs imposed on Beijing. “A lot of money is coming into our coffers. And it’s had absolutely no impact on our economy.”
Read the full report at Yahoo News.