China's economy suffers major setback

Jul 16 2018 03:49 PM
China's economy suffers major setback

China has been suffering a major set back in terms of its economy, since June. What added to the issue was its tariff battle with Washington.

As per the reports provided by the government of China, the country's economy saw an increase of 6.7%, while last year there was an increase of 6.8%. 

Bejing began to execute a more strict control towards the loans approved by the bank to overcome its debt. This led to predictions that said that the country might soon overcome its economic issues. Well, the incident was followed by its growing issues with Washington.

The demand across the world for Chinese products has fallen tremendously and therefore it may be expected that China's economy may decline further. 

The leaders of the country are putting great efforts to cope up with a self-sustaining growth. They are working on Domestic consumption and have already decreased their dependence on exports and investments.

The rise in the amount spent by consumers in shopping has been extremely slow and inefficient to help the country overcome its debt. 

In the year 2017, the profit made by Retail shopping increased by 9% in June. While, there was a great increase in the customers of cosmetics and various electronic products. 

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