UPDATED 10:41 AM PT — Fri. Oct. 19, 2018
China’s GDP has dropped to its weakest level in almost nine years as U.S. tariffs appear to hit their mark.
According to figures released by Beijing Friday, the country’s economy only grew by 6.5-percent in the third quarter, which is down by 0.2-percent. That’s the lowest reading since the height of the global financial crisis in 2009.
Despite signs of a cooling economy, Chinese officials are optimistic past growth will help Beijing survive its trade dispute with the U.S.
“There is more uncertainty from China-U.S. trade tensions, so economic performance is facing downwards pressure,” said Mao Shengyong, spokesman for the National Bureau of Statistics. “But at the same time, we have to be clear that there are many certainties for our economy — for example, China’s economy is resilient, we enjoy good fundamentals, these are all certainties.”
According to experts, the trade war has caused investors to drop Chinese stocks and has taken a hit on the value of China’s currency compared to the dollar.