Does China’s growth slowdown result from US protectionism?

There are several possible explanations for the slowdown in China’s growth: The shift in domestic demand from industry to services, which may explain the very sharp fall in industrial growth; The fall in exports to the United States under the effect of the tariffs introduced by Donald Trump, with a potential knock-on effect on investment; The fall in low-end production due to the rise in production costs in China; The convergence towards a lower potential growth rate as a result of population ageing. We believe that the shift in demand to services and population ageing are the most pertinent explanations for the slowdown in China’s growth .