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China's economic growth slumps to 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, below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.

IANS Reported by: IANS Beijing Published on: October 19, 2018 17:03 IST
China's economic growth slumped to its lowest

China's economic growth slumped to its lowest

China's economic growth slumped to its lowest since 2009  as it grew by 6.5 per cent in the third quarter from a year earlier.

The announcement by the Chinese government on Friday 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, below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.

China is a $14 trillion-economy, second after the US. No country has risen economically as fast as China, which managed to clock double-digit growth for 30 years until 2013.

However, various factors have slowed down the Asian giant's economic growth.

China is engaged in a gruelling trade war started by 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 signs of talks with China and even threatened tariffs on the remaining Chinese goods worth $267 billion.

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