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Economy

China slump squeezes workers, hammers consumer spending

Updated : January 21, 2019 10:13 AM IST

The downturn is squeezing urban workers and entrepreneurs the ruling Communist Party is counting on to help transform China from a low-wage factory into a prosperous consumer market.
Growth in 2019 is forecast at more than 6 percent, down only slightly from about 6.5 percent last year. But it is propped up by higher government spending, which masks sharp declines in other areas.
Exports to the United States held up through late 2018 despite President Donald Trump's tariff hikes. But sales shrank 3.5 percent in December compared with a year earlier as those penalties started to hurt demand.
China slump squeezes workers, hammers consumer spending

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