China released second-quarter figures on Monday showing that its economy slowed to 6.2% - the weakest rate in at least 27 years, as the country’s trade war with the U.S. took its toll.
From April to June, China’s economy grew 6.2% from a year ago, the country’s statistics bureau said. That was in line with the expectations and lower than the 6.4% y/y growth in the first quarter of 2019.
China’s statistics bureau said the economy faces a complex situation with increasing external uncertainties. The world’s second largest economy also faces new downward pressures and will try to ensure steady economic growth, the statistics bureau added.
For the first half of the year, China’s GDP grew 6.3% on-year, data from the statistics bureau showed.
“With the first half of the year registering a headline growth rate of 6.3% year-on-year, only a fall below 5.8% in the second half would prevent China attaining the official target of (at least) 6.0%. In our view, the Chinese government will not allow the quarterly growth to fall below 6.0%,” said ANZ economists.
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