Official Data that was released on the 19th found that China’s economy is growing at its slowest since 2009.
China’s economic growth slowed more than expected to the weakest pace since the first quarter of 2009 as the country’s trade war with the U.S. puts pressure on growth, according to official data released on Friday.
The world’s second-largest economy said its economy grew 6.5 percent year-over-year in the third quarter of 2018. That missed expectations for a 6.6 percent growth, according to analysts polled by Reuters. The latest GDP data also came in lower than the 6.7 percent year-over-year expansion in the previous quarter.
Despite the GDP miss, China’s stock markets recovered from earlier losses to trade in positive territories. The Shanghai composite was about 0.37 percent higher, and the Shenzhen composite inched up 0.325 percent.
This is good news for the US. The U.S and China are currently in the middle of the trade-war and this is another sign of cracks forming in China’s economic power.
The U.S Economy, however, continues to grow.