China's economic momentum is projected to continue slowing and could create bad news for American companies.
"While China has been an important trading partner for the U.S., China accounts for 9% of America’s exports," Erin Walsh, senior research fellow at the Heritage Foundation's Asian Studies Center, told Fox News Digital.
The country is also battling a record high youth unemployment rate of over 21% and a property market bubble that has already burst, according to a report from Reuters. "The People’s Bank of China made Interest rate cuts to increase lending and spur the economy," Walsh said."The stimulus measures, some believe, have not gone far enough."
"A tepid response to the cratering housing market would indicate that the top leadership’s reduced emphasis on economic growth — in favor of priorities like national security and technological self-sufficiency — is more far-reaching than we anticipated," Gabriel Wildau, the managing director at consulting firm Teneo, told CNBC in an interview last week.
"With youth unemployment continuing to exceed 20-plus percent for another year, the housing market underwater, provincial and local debt increasing, a decline in foreign investment and a decrease in global purchasing from China, the economy will continue to roll down the hill all at the same time geopolitical tensions rise," Walsh said, adding that the economic"headwinds" will increase"the pressure on President Xi Jinping.
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