Economic Growth in China Slows to Lowest Levels in Decades
October 18, 2019
China’s economy grew by 6 percent in the third quarter. This continues the gradual decline that has plagued the world’s second largest economy for the last several years. It also marks the lowest level of growth since 1992.
The ongoing trade war with the U.S. is exacerbating weakness in many sectors of the Chinese economy, which saw slowing growth across the board. Industrial production and retail sales saw slight recoveries, but not enough to counter slowing in other sectors.
It should be noted that these figures are based on the official data released by the Chinese government. Some economists believe that China’s economic performance is even weaker than what the government says. A variety of sources ranging from manufacturing output to satellite imagery suggest that China’s industrial contraction is more severe than the government is willing to admit.