Fourthly, China is now upgrading its industrial structure, which requires the transfer of certain production activities to overseas, and thus facilitating high-quality growth in China. Fifthly, financial market in China withstood the over-impacts caused by the trade tension last year. Hence, it has become more resilient to stand up to any further shocks.
Monetary Policy Over the second half of 2018, as the labor market kept strengthening and economic activity continued to expand strongly, the FOMC gradually moved interest rates toward levels that are more normal for a healthy economy.