China GDP growth slows to 6.2% in second quarter

News Image

MG News | July 15, 2019 at 08:55 AM GMT+05:00

0:00

July 15: China's growth slowed to its weakest pace in almost three decades in the second quarter, with the US-China trade war and weakening global demand weighing on the world's number-two economy, official data showed Monday.

The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against the US -- which is using tariffs as leverage to try to force Beijing into opening up its economy.

The 6.2 percent figure released by the National Bureau of Statistics was in line with a survey of analysts by AFP and down from a 6.4 percent expansion in the first quarter.

The GDP figures are within the government's target range of 6.0-6.5 percent for the whole year, down from the 6.6 percent growth China put up in 2018.

"Economic conditions are still severe both at home and abroad, global economic growth is slowing down and the external instabilities and uncertainties are increasing," said NBS spokesman Mao Shengyong.

"The economy is under new downward pressure," he said in prepared remarks.

Beijing has introduced measures this year to boost the economy, but they have not been enough to offset a domestic slowdown and softening overseas demand -- made worse by a punishing trade war with its biggest trading partner country, the US.

Exports to the world rose only 0.1 percent on-year during the first six months.

Analysts widely expect Beijing will step up support for the economy in coming months.

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes


July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg