China’s Slowdown Looms Just As The World Looks For Growth
In the vast metropolis of Chongqing in western China, three huge Ford Motor assembly plants have slowed to a fraction of their earlier pace. In the eastern province of Jiangsu, hundreds of chemical factories have closed. In Guangdong Province in the southeast, factories have idled workers in droves. China’s huge economy, a major driver of global growth, is cooling just when the world needs its spark. On Monday, Chinese officials said that, during the last three months of 2018, the economy grew at its slowest pace since the global financial crisis. It is happening at a difficult time. The broader world outlook is beginning to dim. The American economy, which has powered ahead in recent years with strong growth and low unemployment, is showing some signs of a slowdown and is facing higher short-term interest rates that could act as a brake. Europe’s resurgence is beginning to show its age, too, with even Germany’s industrial engine starting to sputter. Read more at The New York Times.
