Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ China's GDP growth has fallen to the lowest levels in the last 27 years when the trade war

China's GDP growth has fallen to the lowest levels in the last 27 years when the trade war

The country's gross domestic product grew by 6.2% in the quarter ended in June, with the slowest quarterly growth rate since 1992 and 6.4% in the previous quarter, according to government figures released on Monday.

And the Chinese economy will continue to face "downward pressure" in the second half of this year, the country's national statistical office said in a statement.

"China's economy is still in a difficult and difficult situation," he said. "Global growth has slowed and external uncertainties have risen."

Beijing and Washington have recently agreed to a temporary ceasefire in their monthly war and plan to resume trade talks.

The White House sales counselor Peter Navarro said in an interview with CNBC on Friday that US sales agent Robert Lahtiser will travel to Beijing with Finance Minister Stephen Munchin in the near future.

It is noted that both sides can reach an agreement to remove the tariffs introduced in the last 1

2 months.

"The uncertainty caused by the US-Chinese trade war was an important factor, and we think it will continue," said Tom Rafferty, Chief Economist, China at The Economist.

"Business remains skeptical that both sides will reach a wider trade deal and admit that trade pressure may escalate again," he added.

  The global economy simply slipped out of another bullet. But the ceasefire between the US and China will not fix it

The number of growth is after China reports a decline in both exports and imports for the first six months of this year, indicating that the victims of the trade war of the economy have already suffers from weaker domestic demand.

Chinese exports dropped by 1.3% yoy for the first half in dollar terms, while imports fell by 7.3%. US imports drop 30% annually

The trade war and the slowdown in China's economic growth have already hit some of the world's largest businesses.

) sales in China have fallen. Its revenues in the Greater China region, including Hong Kong and Taiwan, fell 21.5 percent in the second quarter compared to the same period last year to 10.22 billion dollars. Greater China accounted for around 18% of Apple's total revenue.

Global automobile brands also suffer as the world's largest car market is slowing down this year after the first decline in decades in 2018. Chinese consumers are less likely to make large purchases of tickets in a precarious environment , while a government campaign against deadly situations

  The car market in China has fallen from a rock this year. He is facing a long way back

Yet, the trade war helps others at the same time that it hurts the growth of China.

Americans buy more than suppliers in Vietnam, Taiwan, Bangladesh and South Korea are trying to avoid US tariffs for Chinese consumer goods, according to the Census Bureau.
Analysts expect Beijing to find more stimulating measures to stabilize growth, including increasing infrastructure spending and possible interest rate cuts from the country's central bank, the National Bank of China. The US Federal Reserve also signaled that it could lower interest rates.

"Although the DAC has already given an impetus this year, the markets are expecting … additional measures likely to come if trade negotiations collapse" Edward Moya, Senior Market Analyst at Oanda. "If the negotiations are progressing, we will probably see that [bank] provide new incentives after the FED's long-anticipated Fed interest rate cut at the end of the month."

Nanjing Fan contributed to this report.

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