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China’s economy takes a hit; growth lowest since 2009

China’s National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, which is below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.

China’s economy takes a hit; growth lowest since 2009

Investors look at screens showing stock prices at a securities company in Beijing on October 19, 2018. (Photo: GREG BAKER/AFP)

The Chinese government on Friday announced that the country’s economic growth has slumped to its lowest since 2009 as it grew by 6.5 per cent in the third quarter from a year earlier.

The announcement comes at a time when Beijing is locked in a bleeding trade war with Washington.

China’s National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, which is below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.

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China is world’s second largest economy after the US at $14 trillion. No other country has risen economically as fast as China which managed to clock double-digit growth for 30 years until 2013.

However, China’s economic growth has been slowed down due to various factors.

China is engaged in a severe trade war with the US, which has slapped tariffs worth $250 billion on Chinese goods in response to “unfair trade” practices by Beijing.

Beijing has hit back by imposing additional taxes on American goods worth $110 billion.

US President Donald Trump has shown no inclination of talks with China and even threatened tariffs on the remaining Chinese goods worth $267 billion.

(With agency inputs)

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