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China’s Growth Slides to Weakest Pace in Almost Three...

Business Maverick

Business Maverick

China’s Growth Slides to Weakest Pace in Almost Three Decades

A woman, center, uses a smartphone as workers move boxes at a street market in Chongqing, China, on Tuesday, April 12, 2016. Photographer: Qilai Shen/Bloomberg
By Bloomberg
15 Jul 2019 0

China’s economy continued slowing in the second quarter, with sluggish domestic output and continuing trade tensions pulling growth down to the weakest pace since the early 1990s.

China’s economy continued slowing in the second quarter, with sluggish domestic output and continuing trade tensions pulling growth down to the weakest pace since the early 1990s.

Gross domestic product rose 6.2.% in the April-June period from a year earlier, below the 6.4% expansion in the first quarter and matching economists’ estimates. In June, factory output rose 6.3%, retail sales rose 9.8%, while investment gained 5.8% in the first half of the year — all three beating estimates.

The slowdown adds to the pressure Chinese policy makers face as they attempt to negotiate a deal with the U.S. while balancing the objective of job creation with the need to defuse financial risks at home. Although Chinese negotiators are talking with their U.S. counterparts again, there is no certainty that a deal will be reached.

“We expect Beijing to ramp up stimulus measures in the second half despite more limited policy room, though markets should not put too high expectations on the scale and duration of these stimulus measures,” Nomura International economists led by Lu Ting wrote in a recent research note. “Domestic policies will to a large extent be dependent on the U.S.-China trade tensions.”

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