The leadership of the world’s second largest economy has issued its growth plan for the next five years, underscoring its commitment to restructuring and layoffs in traditional heavy industry and job stimulus in the service sector.
China's economy has revealed fresh signs of softness as the pace of investment has slowed to a record low. Stable figures for retail spending and production have done little to dispel fears of a cooling in the economy.
The latest US salvo against China has escalated the threat of a trade war between the world's two largest economies. China has responded by announcing countermeasures affecting up to $60 billion worth of US exports.
Emerging market economies and their currencies have come under severe stress in recent weeks, as rising US interest rates and trade fears prompt investors worldwide to shun their assets and move money to the US.
The Chinese economy is showing more signs of weakness, with the pace of investment slowing to levels not seen since 1996. Official data revealed that domestic consumption also failed to meet expectations.
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