China moved to bail out local governments that provided economic stimulus during the Sino-U.S. trade war by slashing taxes and massively spiking fixed asset investment.
China’s average after-inflation (real) GDP growth was about 15.8 percent in the decade leading up to the 2008 financial crisis, falling to about 6.8 percent over the next decade, and was on the verge of plunging into negative territory in late 2018 as the Sino-U.S. trade war ramped-up.
