China second-quarter GDP growth slows to 27-year low as trade war bites. Read more:
BEIJING - China’s economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting U.S. trade pressure.
The April-June pace, in line with analysts’ expectations, was the slowest since the first quarter of 1992, the earliest quarterly data on record. Beijing has leaned largely on fiscal stimulus to underpin growth this year, announcing massive tax cuts worth nearly 2 trillion yuan and a quota of 2.15 trillion yuan for special bond issuance by local governments aimed at boosting infrastructure construction.Related CoverageTrade pressures have intensified since Washington sharply raised tariffs on Chinese goods in May.
The contribution from net exports will decline as domestic demand gradually recovers, Zhu told the official Financial News ahead of the Q2 data, adding that he expects economic growth to slow to 5.8% next year.A string of downbeat data in recent months and the sudden escalation in the trade row had sparked questions over whether more forceful easing may be needed to get the economy back on steadier footing, including some form of interest rate cuts.
Analysts believe room for more aggressive monetary policy easing is being limited by fears of adding to high debt levels and structural risks.
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