5/17, 1:09 PM (Source: TeleTrader)
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Official: Trade war could decrease China growth by 1 point

The ongoing trade war with the United States could reduce China's economic growth by 1 point this year, the South China Morning Post reported on Friday citing a senior Chinese policymaker.

Wang Yang, one of the seven members of the elite Politburo Standing Committee, said that the government estimates the impact of US tariffs on Chinese goods could affect growth by 1 percentage point in the worst case scenario.

Trump is expected to meet with his Chinese counterpart Xi Jinping in June at the G20 summit in Japan. However, earlier this week, one report alleged that an agreement with Beijing is nowhere near, while another said that China rejected around 30% of the draft text of the trade deal.

Breaking the News / JC