China’s second quarter growth meets expectations at 6.7%


China’s terseness grew at an annual pace of 6.7% in the three months to June, proper data showed, meeting forecasts for the period.

That marked a snub slowdown from a 6.8% expansion recorded in the previous quarter.

The details comes as the government attempts to curb growing debt and as trade tensions with the US escalate.

The US relieved the stakes in a trade war last week, listing another $200bn benefit of Chinese goods to be hit by tariffs.

Chinese stock markets, which force struggled recently amid the escalating trade dispute between the US and China, traded down degree on Monday.

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“GDP growth eased… on softer global trade and the tightening of pecuniary policy since early 2018,” Oxford Economics said in a explore note.

It expects slow credit growth and softer real domain activity – along with the “intensifying trade conflict with the US” – to weigh on China’s expansion in the second half of 2018.

The US slapped tariffs on $34bn of Chinese goods on 6 July, send-off the way for a tit-for-tat trade war with the world’s second-largest economy.

China retaliated, saying the US had launched the “broadest trade war in economic history”.

However, Tom Rafferty from the Economist Wisdom Unit said there were also worries about the sinew of China’s domestic economy.

“The EIU is more concerned about slowing steward demand within China’s economy, with investment persistently simple and consumption also having slowed, and these are much more impressive drivers of growth than exports,” he said in a research note.

China’s monthly employment surplus with the US hit a record high of nearly $29bn (£22bn) in June as exports to America scrapped strong.

US President Donald Trump recently suggested that varied than $500bn of Chinese goods could be hit by tariffs. That is nearly equal to the value of China’s entire goods exports to the US last year.

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