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BEIJING (AP) — China’s 2018 economic growth fell to a three-decade low, adding to pressure on Beijing to settle a tariff war with Washington.
The world’s second-largest economy expanded by 6.6 percent over a year earlier, down from 2017′s 6.9 percent, official data showed Monday. Growth in the three months ending in December dipped to 6.4 percent — the lowest quarterly level since the 2008 global crisis — from the previous quarter’s 6.5 percent.
Leaders - China - Growth - Consumer - Spending
Communist leaders are trying to steer China to slower, more self-sustaining growth based on consumer spending instead of trade and investment. But the deceleration has been sharper than expected, prompting Beijing to step up government spending and order banks to lend more to shore up growth and avoid politically dangerous job losses.
“Growth will remain under pressure,” said Louis Kuijs of Oxford Economics in a report. “Key risks are the ongoing trade tension with the U.S. and that credit growth does not recover.”
Exports - President - Donald - Trump - Tariff
Exports held up through most of 2018 despite President Donald Trump’s tariff hikes on Chinese imports in a fight over Beijing’s technology ambitions. But they contracted in December as the penalties began to depress U.S. demand.
Economic growth in 2018 was the lowest since 1990′s 3.9 percent in the aftermath of the violent crackdown on pro-democracy protests centered on Beijing’s Tiananmen Square.
Growth - Investment - Spending - Factory - Activity
Growth in investment, retail spending and factory activity all declined, the National Bureau of Statistics reported.
The impact of U.S. tariffs was limited, but China faces pressure from growing global support for import controls, volatile financial markets and declining investment spending, said the bureau commissioner, Ning Jizhe.
Pressure - Economy - Ning - News - Conference
“Downward pressure on the economy is increasing,” said Ning at a news conference. Still, he added later, “the Chinese economy’s resilience and ability to resist shocks and the long-term trend of stability will not change.”
The slowdown is adding to pressure on President...
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