China’s current slowing growth can be attributed to the ongoing trade war with the US.
The escalating trade war with the US has resulted in China posting its lowest economic growth since 1992.
According to data published by General Administration of Customs in China, the gross domestic product of China increased 6.2% in the second quarter, the slowest quarterly growth rate in nearly 27 years. This is down from 6.4% in the first quarter.
in June exports from China fell 1.3% year-on-year to 212.84 billion. This was down from 1.1 per cent growth in May.
China’s exports to the US fell by 8.1 per cent to US$199.4 billion for the first half of 2019, while imports from the U.S. dropped by 29.9 per cent to US$58.9 billion
China’s current slowing growth can be attributed to the ongoing trade war with the US.
According to the National Bureau of Statistics of China, “the economic conditions are still severe both at home and abroad, the global economic growth is slowing down. The external instabilities and uncertainties are increasing, the unbalanced and inadequate development at home is still acute, and the economy is under new downward pressure.”
Meanwhile U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin may travel to Beijing for meetings.