The trade war between the two big nations USA and China has gained lots of media coverage than any other news from in the last one to two months because both the countries are fighting with each other over trade disputes and making each other’s condition much worse. However, according to the recent reports which have been coming from China it’s been observed that the Chinese business industry is getting hit because of this ongoing trade war and many local people in business has filed for bankruptcy. There’s a constant decline in the country’s economic growth because a several days ago the Chinese officials stated that they’re expecting a slow economic growth for 2019 also the growth rate of the export sector has been declined. The retail and technology sector of the country is getting most hit because of this ongoing trade war.
Companies like Huawei are under international pressure due to which the company is finding it hard to sell its Chinese products in overseas market. China is the leading supplier of most of the retail products across the world, and most of the country’s income comes from these sectors only, but the government is trying their best to convince local people in business to get into the technology sector which is the most lucrative industry right now in the global market. Tao Dong who is the vice chairman for Greater China at Credit Suisse Private Banking in Hong Kong said that “Many Chinese companies are failing and most of them are finding hard to survive in the businesses.”
There were some rumours about regarding the ending of a trade war, and many experts are speculating that if the trade disputes go on continuing then, it will damage China’s economy severely. However, it seems like Donald Trump is no mood to get into the negotiations.
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