New Delhi: The emerging new military and economic of the world, China is currently going through tough economic challenges. The pace of China's economy has slowed down. Its pace fell to a near three-decade low in the third quarter of 2019. The main reason for the decrease in growth rate is the continuation of trade war with America and the weakening of domestic demand. According to the data released by the National Bureau of Statistics, China's economic growth rate was six percent in July-September.
In the previous quarter April-June, China's gross domestic product (GDP) growth rate was 6.2 percent. This is the worst quarterly growth figure since 1992. However, this is within the government's target of keeping the economic growth rate in the range of 6 to 6.5 percent in 2019. China's economic growth rate in the year 2018 was 6.6 percent. Bureau of Statistics spokesperson Mao Shengyang said, "The national economy is showing stability in the first three quarters." He said that we have to be prepared for serious economic conditions both domestically and globally.
China has taken several necessary steps to strengthen the economy. This includes drastic reduction in tax rates and relaxation of several rules to attract foreign investment in stock markets. China's economy has suffered due to the US tariff increase, as well as technical plans have been hit. The rate of growth has been very slow compared to the growth rate that the Chinese government had kept annually. Countries that trade with China are watching the trade war. There is a fear of recession in trade countries due to trade war.