John Rapley
China’s economy may be slowing again. While the country has weathered the storm of Donald Trump’s trade war better than the United States — thanks to a more diversified set of trade relationships — its domestic economy is beginning to sputter. Exports rose in the last quarter, even as American exports fell, but internal economic growth is less promising.
Industrial output grew 5.7% last month, which is robust by Western standards but still marks a significant reduction from June’s 6.8% rate. More worrying yet is that retail sales grew only 3.7%, sharply down from the previous month’s 4.8% pace.
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