- Title: China's economic growth grinds to near 30-year low as tariffs hit production
- Date: 18th October 2019
- Summary: BEIJING, CHINA (OCTOBER 18, 2019) (REUTERS) NATIONAL STATISTICS BUREAU'S SPOKESMAN, MAO SHENGYONG, AND HOST ARRIVING AT THE CONFERENCE JOURNALISTS SITTING (SOUNDBITE) (Mandarin) CHINA'S NATIONAL STATISTICS BUREAU'S SPOKESMAN, MAO SHENGYONG, SAYING: "According to preliminary calculations, total three quarters of GDP growth is 69.7798 trillion yuan. Calculated by comparable price, the growth is 6.2 percent compared with the same period last year. Looking quarterly, the first quarter growth is 6.4 percent, the second is 6.2 percent and the third is 6.0 percent." CONFERENCE IN PROGRESS (SOUNDBITE) (Mandarin) CHINA'S NATIONAL STATISTICS BUREAU'S SPOKESMAN, MAO SHENGYONG, SAYING: "China-U.S. trade talks have achieved a phased outcome -- this is a good thing. It is a positive for both China and U.S. markets. It is also a good signal to the world. The global economy and trade are developing towards being less protectionism (measures) and being more opened. The world's economy, including China's, will have better development." CONFERENCE IN PROGRESS
- Embargoed: 1st November 2019 05:55
- Keywords: China's GDP China Economy USA-China Trade
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Government/Politics
- Reuters ID: LVA001B1MGO5J
- Aspect Ratio: 16:9
- Story Text: China's third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising U.S. trade war hit factory production.
Gross domestic product (GDP) rose just 6.0% year-on-year, marking a further loss of momentum for the economy from the second quarter's 6.2% growth.
Businesses and investors are wary that the U.S.-China trade war could potentially bring about a global recession. But U.S. President Donald Trump said last week the two sides had reached agreement on the first phase of a deal and suspended a tariff hike, even as officials said much work still needed to be done.
Mao Shengyong, a spokesman for China's statistics bureau, told reporters on on Friday (October 18) that the "phased outcome" was a "positive for both China and U.S. markets", while adding that he expects "better development" for the global and domestic economies as countries move away from protectionism measures.
(Production: Wang Shubing, Fang Nanlin, Travis Teo) - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None