The Chinese economy has grown at its slowest pace in 28 years, resulting in more than half of the nation’s provinces not reaching their GDP growth rate goals, reports the South China Morning Post
The effects of the trade war are being felt, with 17 of the 31 Chinese provincial-level divisions falling short of their set targets.
Former growth drivers, Chongqing and Guangdong, also fell short, with the former’s growth rate dropping to 6.0% from 9.3% the previous year and the latter’s export base economic growth rate slowing by 0.7 percentage points to 6.8% last year, missing its 7% goal.
This proved particularly troubling, as Chongqing was once the nation’s fastest-growing province and Guangdong the nation’s most prosperous.
Correspondingly, Jiangsu province, one of China’s private economy heartlands, also missed its 7% goal by 0.3%, despite Beijing’s recent efforts to support the private sector in the hopes of absorbing some of the shock of the economic slowdown.