BEIJING - China’s economic growth slowed more than expected to 6.0% year-on-year in the third quarter, the weakest pace in at least 27-1/2 years, as demand at home and abroad faltered amid a bruising Sino-U.S. trade war.
“External risks from the trade friction between the U.S. and China have eased and we expect there will be public infrastructure spending. So, downside pressure to the economy in the fourth quarter has been eased. “One is more infrastructure spending. This will be made possible by fiscal spending, especially by local governments. The other one would be consumption stimulus. But mysteriously, after Beijing announced the outline of such measures on Jan. 23, it hasn’t done anything yet. I expect they will take concrete steps next year.
“It will take a little more time for government spending on infrastructure to boost growth, but I’m not pessimistic because money is flowing to regional governments. Corporate tax breaks really haven’t worked because companies are uncertain about the trade war. “The monthly data shows some return of growth momentum, but it was unclear as to what was behind the strong production of some goods such as machineries and telecommunication products.
“I think they will continue to take interest rates lower via the loan prime rate, but it’s not going to be a big drop, it’s going to be gradual. I think fiscal policy wise there’s a lot more they can do.
Actually just 3.2 % around
what is the UK grow rate, I guess not positive
China's economy will fall further BoycottChina SayNoToChina StandUpToChina
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