Experts: Sluggish growth bad sign for China’s economy
New official data reveal that China’s export growth slowed in November by declining global demand and the economic war underway between Beijing and Washington.
According to the data by China’s customs administration, the country’s exports rose 5.4 percent in November on-year, short of 9.4 percent forecast.
“China's overall trade including all exports and imports produced a $44.7bn surplus in November, up from $35bn compared with the previous month,” the data showed.
Experts say the sluggish growth serves as a bad sign for China’s economy which is experiencing its slowest pace over the past nine years in the third quarter.
Last month, China’s President Xi Jinping acknowledged that a trade war with the US had already created a status of uncertainty for the world’s second biggest economy.
In a meeting with domestic entrepreneurs sought to reassure them with promises to prop up private firms with lower taxes and more funding, he warned that China’s economy was losing steam as a result of tariffs war with the US, a massive debt buildup and a weakening currency.
US tariffs on half of what China exports to the US have sapped confidence in Beijing's ability to maintain current growth levels.
China and the United States have been involved in trade war with each side continuing to dispute tariffs placed on goods traded.
The escalation of the trade war and implementation of new tariffs on each other’s products has been counterproductive in the talks.
US demands from China include sweeping changes in bilateral trade, technology transfer and industrial subsidy policies.
Beijing insists that Washington must pursue mutual interests of the US and China in trade talks between them.
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