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China’s economic growth is reported to have declined to its lowest level in 27 years.
China's gross domestic product (GDP) grew at 6.2% in the quarter ended June, representing the slowest quarterly growth rate since 1992 and down from 6.4% in the previous quarter. According to China’s National Bureau of Statistics, the Chinese economy will continue to face "downward pressure" in the second half of 2019 as the U.S. – China trade war uncertainty continues. Both the country’s exports and imports are reported to have declined for the first six months of this year. In dollar terms, China's exports fell 1.3% year-on-year for the first six months of 2019, and imports declined 7.3%. Exports to the U.S. decreased 8.1% in the period, while imports from the U.S. to China dropped 30%, year-on-year.
Industrial output increased 6.3% annually in June, compared with 5% growth in May, while retail sales grew 9.8% in June, from 8.6% in the previous month. However, despite the tax cuts to help boost the domestic economy, the automotive sector is said to have been particularly impacted by low demand as Chinese consumers are less willing to spend on high price tags and are more concerned about the rising levels of pollution.
Source: CNN/Financial Times