Eight Local Governments Forecast Economic Slowdowns
Eight provincial-level regions including Beijing have predicted slower economic growth this year after many failed to reach their 2018 targets, in the latest sign of a worsening economic outlook for the world’s second largest economy.
The downbeat forecasts come as China’s economic growth has lost steam amid a debt-control campaign, a trade war with the U.S., and weak business sentiment nationwide. The country’s gross domestic product (GDP) grew 6.6% last year, marking the slowest annual expansion since 1990.
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