The trade dispute with the United States and other issues slow down China’s growth. The leadership in Beijing wants to now increase taxes and government spending this year to support the faltering domestic economy.
it is Planned to an appropriate increase, said a representative of the Ministry of Finance. The increase in revenue will slow down in 2019 expected. In the past year, there had been an increase of 6.2 percent to the equivalent of 2.37 trillion euros.
the growth of the world’s second-largest economy fell to 2018, with 6.6 percent, the lowest since 28 years. The leadership in Beijing has provided economic aid, such as tax cuts for smaller firms.
in Japan for the first time in three years, trade deficit
The weakening economy in China and also Japan. The Japanese exports fell in December by 3.8 percent year-on-year period, as data of the Ministry of Finance in Tokyo showed. It was the sharpest decline in more than two years. Exports to China – Japan’s biggest trading partner – fell by as much as seven percent. The country’s exports are a key pillar for Japan’s economic recovery.
In the year 2018 based on the value of Japanese exports rose by 4.1 percent. However, the imports increased due to higher energy costs even more, by 9.7 percent. Thus, Japan recorded for the first time in three years, a trade deficit.