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Growth of Chinese economy lowest since 2009 Q1

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)

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