China economic growth slows to 6.7 per cent in second quarter

By: | Published: July 16, 2018 8:56 AM

Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States.

vhina, china economy, china gdp, china economic growth, china economy second quarter, beijingThe economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists.

Chinese growth slowed slightly in the second quarter as the world’s number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 per cent set by the government. China faced an “extremely complex environment both at home and abroad”, said Mao Shengyong, a spokesman for the national statistics bureau.

The impact of the deepening trade conflict with the United States was yet to fully kick in, according to analysts, who added that Beijing’s battle to rein in pollution and spiralling debt levels had crimped growth. Both Washington and Beijing slapped tariffs on USD 34 billion of each others’ goods earlier this month, with the US threatening to impose further tariffs on another USD 200 billion in Chinese goods. Beijing has vowed to retaliate but has not yet said what measures it will take. China’s government is facing a multi-front battle to defend its economy, fighting to reduce the debt mountain while the yuan and local stock markets tumble in the face of the US trade conflict.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition