China economy shows weakness as investment growth hits new low
Published on: Saturday, September 15, 2018
BEIJING: The Chinese economy revealed fresh signs of softness Friday with data showing the pace of investment slowing to record lows while retail spending and industrial production stabilised.Beijing faces a delicate balancing act, aiming to shift its growth driver away from investment and exports towards personal consumption, while at the same time battling a mountain of debt. The trade spat with major export destination the United States has complicated the task and sent domestic stock markets tumbling to lows not seen since the 2016 collapse.
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US President Donald Trump has threatened to slap higher taxes on every Chinese product coming into the US, though another round of high-level talks could be in the offing.Still on Thursday Trump threw cold water on hopes for those negotiations."We are under no pressure to make a deal with China, they are under pressure to make a deal with us," Trump tweeted."Our markets are surging, theirs are collapsing...If we meet, we meet?"
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China's National Bureau of Statistics, which released the new data Friday, said the trade spat has had a limited effect on economic data so far.Stay up-to-date by following Daily Express’s Telegram channel.
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"Trade protection has cast a shadow over the recovery of the world economy," Mao said. – AFP
