NEWS//China's economy is slipping

China’s economic growth rate is slipping. In the third quarter of this year China’s economy grew at 6.5%. Economists had predicted a rate of 6.6%. The fear is that this year’s GDP will be the weakest since the financial crisis of 2009.

Ciaxinglobal reports, Vice Premier Liu He, the top economic adviser to President Xi Jinping, said Friday that the world’s second-largest economy was still operating “in a reasonable range,” though he also acknowledged that it has temporarily “run into some difficulties.”

According to CNN, the Chinese economy lost momentum “following government efforts to try to rein in high levels of debt. It has also started coming under pressure from US tariffs on more than $250 billion of its exports…. Chinese officials have turned to tax cuts, infrastructure spending and looser monetary policy as they seek to prop up growth.”

By comparison, the United States’ GDP was 4.2% in the second quarter of this year.

Sources: Axios, CaixinGlobal, Reuters, CNN.