China’s economic growth could slide to 5.7% next year as the world’s second-largest economy braces for uncertainties generated from the ongoing China-U.S. trade war, according to UBS Wealth Management.

Hu Yifan, regional chief investment officer and chief China economist at UBS, made the remarks Thursday at a press conference in Beijing. Hu said China and the U.S. are moving closer to a “phase one” trade agreement but the two sides are not likely to strike more ambitious “phase two” or “phase three” deals next year given their disagreements at recent talks.

A Bloomberg News survey of analysts returned median predictions that China’s GDP will expand by 6.1% in 2019 and 5.8% in 2020.

Last year, the country’s economic growth dropped to 6.6% from 6.8% in 2017, marking the slowest annual expansion in 28 years, according to figures from the National Bureau of Statistics (NBS). The country’s GDP grew 6% year-on-year in the third quarter this year, marking the second straight quarterly deceleration and the smallest increase since 1992.

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Contact reporter Tang Ziyi (ziyitang@caixin.com)