Home / Knowledge / News / Textiles / Growth of Chinese economy lowest since 2009 Q1

Growth of Chinese economy lowest since 2009 Q1

18
Jul '19
Pic: Shutterstock
Pic: Shutterstock
China's economy grew 6.2 per cent over a year ago in the quarter ending June, down from the previous quarter's 6.4 per cent, according to government data. That was the lowest since the 2009 first quarter in the aftermath of the global financial crisis. The economy faces a ‘complex environment both at home and abroad’, the National Bureau of Statistics said.

Growth in retail sales slowed to 8.4 per cent in the first half of 2019, down by 0.1 percentage points from the first quarter, the Chinese Government reported. Growth in factory output decelerated to 6 per cent in the first half, down by 0.1 percentage points from the first quarter.

Auto sales, reported earlier, fell 7.8 per cent in June, extending a year-long contraction in the industry's biggest market. Chinese exports to the United States fell by 7.8 per cent in June from a year, because of US penalty tariff hikes.

Chinese leaders have stepped up spending and bank lending to shore up growth and avert job losses that have potentially hazardous political fallouts. But they face bad news on several unexpected fronts that include plunging auto sales as they fight with the United States over China’s technology ambitions, according to Western media reports.

Though President Donald Trump and Chinese President Xi Jinping agreed last month to resume trade talks, economists caution the truce is fragile as the two sides face the same array of disagreements that caused talks to break down earlier.

Beijing is pumping money into the economy through higher spending on building highways and other public works. That has shored up growth but set back efforts to reduce reliance on investment, which has pushed debt to levels that prompted credit rating agencies to cut China's credit rating. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Aug 2019

Egyptian govt allocated EGP 21 bn to boost cotton

Egypt's ministry of public business sector has allocated EGP 21...

Pic: Google

Information Technology | On 20th Aug 2019

Macy's uses Google Cloud to streamline retail operations

Macy's, one of world's largest retailers, has become a Google Cloud...

Pic: Tapestry

Fashion | On 20th Aug 2019

Tapestry net sales climb 2% to $1.51 bn in Q4 2019

Net sales for Tapestry, a house of modern luxury accessories and...

Interviews View All

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Textile industry, Head honchos

Textile industry
Head honchos

Quality should be the #1 priority

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Paolo Toricella,

Paolo Toricella

Electronics for Imaging (EFI) is a global technology company, based in...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search